$PGR · PROGRESSIVE CORP/OH/
Progressive filed an 8-K with its monthly results for August 2026. Net income fell 22% YoY to $951M ($1.63/share) on net premiums written of $7.605B (+6% YoY). The combined ratio widened 6.2 points to 89.3, driven by higher loss costs. Year-to-date net income is flat at $8.041B vs. $8.052B. The company repurchased 630,912 shares at $210.93 average cost.
- August net income fell 22% YoY to $951M from $1,220M, with EPS dropping 21% to $1.63.
- Combined ratio deteriorated 6.2 points YoY to 89.3, driven by a 68.8 loss/LAE ratio vs. prior-year levels.
- Net premiums written grew 6% YoY to $7.605B; policies in force rose 7% to 40.49M.
- Year-to-date net income is essentially flat at $8.041B vs. $8.052B despite 7% NPE growth.
- Company repurchased 630,912 shares in August at an average cost of $210.93 per share.
Extended-hours trading shows PGR at $215.00, down 0.60% from the regular close of $216.29, suggesting mild negative reaction to the sharp YoY earnings decline and combined ratio deterioration.
Progressive is a $125B+ insurance bellwether; a 22% monthly earnings drop and 6.2-point combined ratio spike raise questions about whether industry loss-cost trends are turning.
Progressive's 89.3 combined ratio remains below the industry breakeven of 100, but the 6.2-point YoY widening contrasts with peers who have been reporting improving underwriting margins in 2026.
Catastrophe losses from severe weather drove a 1.9-point net catastrophe loss ratio in August; the combined ratio deterioration signals margin compression that could persist if loss trends continue.
Get filings like this before the market reacts.
Real-time SEC filing alerts, AI summaries, and a free daily digest — plus portfolio tracking that ties filings to your positions.