The Progressive Corporation (PGR) Q1 2026 Financial Results Summary

The Progressive Corporation (NYSE: PGR) released its financial results for the quarter ending March 31, 2026, on April 15, 2026. Below is a summary of the key metrics and financial performance.

Key Financial Highlights

• Net Premiums Written:
  • Q1 2026: $23,641 million
  • Q1 2025: $22,206 million
  • % Change: Increased by 6% year-over-year.
• Net Premiums Earned:
  • Q1 2026: $20,968 million
  • Q1 2025: $19,409 million
  • % Change: Increased by 8% year-over-year.
• Investment Income:
  • Q1 2026: $917 million
  • Q1 2025: $814 million
  • % Change: Increased by 13% year-over-year.
• Total Revenues:
  • Q1 2026: $22,188 million
  • Q1 2025: $20,409 million
  • % Change: Increased by 9% year-over-year.
• Total Expenses:
  • Q1 2026: $18,622 million
  • Q1 2025: $17,173 million
  • % Change: Increased by 8% year-over-year.
• Income Before Income Taxes:
  • Q1 2026: $3,566 million
  • Q1 2025: $3,236 million
  • % Change: Increased by 10% year-over-year.
• Net Income:
  • Q1 2026: $2,818 million
  • Q1 2025: $2,567 million
  • % Change: Increased by 10% year-over-year.
• Comprehensive Income (Loss):
  • Q1 2026: $2,244 million
  • Q1 2025: $3,466 million
  • % Change: Decreased by 35% year-over-year.
• Earnings Per Share (EPS):
  • Basic:
    • Q1 2026: $4.81
    • Q1 2025: $4.38
    • % Change: Increased by 10% year-over-year.
  • Diluted:
    • Q1 2026: $4.80
    • Q1 2025: $4.37
    • % Change: Increased by 10% year-over-year.

Policies in Force

• Personal Lines:
  • Agency – auto: 11,056 (up 9% from 10,146 in March 2025)
  • Direct – auto: 16,572 (up 12% from 14,771 in March 2025)
  • Special lines: 7,101 (up 7% from 6,637 in March 2025)
  • Property: 3,640 (up 2% from 3,576 in March 2025)
  • Total Personal Lines: 38,369 (up 9% from 35,130 in March 2025)
• Commercial Lines:
  • Total: 1,196 (up 3% from 1,162 in March 2025)
• Overall Total Policies in Force: 39,565 (up 9% from 36,292 in March 2025)

Share Repurchase

• Common Shares Repurchased: 768,273 shares were repurchased in the current month at an average cost of $204.48 per share.

Investment Results

• Total Portfolio Return:
  • Fixed-income securities: (1.1)% (Year-to-date)
  • Common stocks: (5.0)% (Year-to-date)
  • Total portfolio: (1.3)% (Year-to-date)
• Pretax Annualized Investment Income Yield: 4.2% (consistent with 4.2% in 2025).

Conclusion

The Progressive Corporation reported substantial growth in net premiums written, earned, and net income compared to the same quarter last year, reflecting the continued strength of their personal and commercial insurance lines. However, comprehensive income experienced a notable decline. The company also engaged in share repurchases during the month, which could reflect a commitment to shareholder value.

This information underscores Progressive's strategic positioning in the insurance market as it adapts to economic conditions and competitive pressures while maintaining growth in its core operations.

Condensed Consolidated Statements of Income (thousands; unaudited)

Note: The amounts in the following table are in thousands.

Current Month	March 31, 2026
Net premiums written	$9,911
Revenues: Net premiums earned	$7,519
Investment income	313
Net realized gains (losses) on securities: Net realized gains (losses) on security sales	37
Net holding period gains (losses) on securities	-255
Total net realized gains (losses) on securities	-218
Fees and other revenues	103
Service revenues	46
Total revenues	$7,763
Expenses: Losses and loss adjustment expenses	$5,179
Policy acquisition costs	548
Other underwriting expenses	1,054
Investment expenses	3
Service expenses	47
Interest expense	24
Total expenses	$6,855
Income before income taxes	$908
Provision for income taxes	196
Net income	$712
Other comprehensive income (loss): Change in total net unrealized gains (losses) on fixed-maturity securities	-1,025
Total comprehensive income (loss)	-313

Condensed Consolidated Balance Sheets (millions; unaudited)

Note: The amounts in the following table are in millions.

March 31, 2026
CONDENSED GAAP BALANCE SHEET: Investments, at fair value: Available-for-sale securities: Fixed maturities1(amortized cost: $88,408) $87,832
Short-term investments (amortized cost: $2,126) $2,126
Total available-for-sale securities $89,958
Equity securities: Nonredeemable preferred stocks(cost: $259) $240
Common equities (cost: $839) $3,933
Total equity securities $4,173
Total investments2, 3 $94,131
Net premiums receivable $17,614
Reinsurance recoverables (including $3,748 on unpaid loss and LAE reserves) $4,003
Deferred acquisition costs $2,131
Other assets $4,330
Total assets $122,209
Unearned premiums $27,893
Loss and loss adjustment expense reserves $44,377
Other liabilities2 $9,514
Debt $8,386
Total liabilities $90,170
Shareholders’ equity $32,039
Total liabilities and shareholders’ equity $122,209
Common shares outstanding 584.4
Common shares repurchased in the current month 768,273
Average cost per common share $204.48
Book value per common share $54.82
Trailing 12-month return on average common shareholders’ equity Net income 35.0 %
Comprehensive income 35.2 %
Net unrealized pretax gains (losses) on fixed-maturity securities $-578
Increase (decrease) from the previous month $-1,297
Increase (decrease) from December 2025 $-726
Debt-to-total capital ratio 20.7 %
Fixed-income portfolio duration 3.5
Weighted average credit quality AA-.

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