Progressive Reports 36% Increase in Net Income

By Greg Peters • Wednesday, June 17 16:03 • Permanent Link

Progressive reported May net income of $1.445 billion, up 36% from $1.065 billion a year earlier, as net premiums written rose 6% to $7.027 billion from $6.634 billion.

Net premiums earned increased 10% to $7.361 billion from $6.715 billion. Total revenues climbed to $8.059 billion from $7.331 billion, while total expenses rose to $6.225 billion from $6.055 billion. Income before taxes advanced 30% to $1.834 billion from $1.276 billion.

The company’s combined ratio improved to 82.1 from 86.9, a drop of 4.8 points. Losses and loss adjustment expenses increased to $4.600 billion from $4.134 billion, but the ratio improvement came alongside stronger premium growth and higher realized gains on securities, which totaled $215 million versus $211 million a year ago.

Per share available to common shareholders increased 36% to $2.47 from $1.81. Average diluted equivalent common shares fell 1% to 584.2 million from 587.7 million.

Policy counts continued to rise. Total policies in force reached 39.970 million at May 31, up 8% from 37.002 million a year earlier. Personal lines policies increased to 38.753 million from 35.818 million, with agency auto up 8% to 11.172 million, direct auto up 11% to 16.715 million, special lines up 7% to 7.234 million, and property up 1% to 3.632 million. Commercial lines policies rose 3% to 1.217 million from 1.184 million.

For the first five months of 2026, net income totaled $5.350 billion, up 16% from $4.618 billion. Net premiums written rose 6% to $37.946 billion from $35.677 billion, and net premiums earned increased 8% to $35.441 billion from $32.765 billion.

Year to date, total revenues were $38.229 billion, up from $34.838 billion. Total expenses increased to $31.445 billion from $28.996 billion. Income before taxes climbed to $6.784 billion from $5.842 billion.

The year-to-date combined ratio improved to 86.3 from 86.5. In personal lines, the ratio was 86.2, compared with 88.4 a year earlier in the commercial lines business, it was 80.6 versus 80.6. Agency auto policies were 10% higher year to date at 17.945 million, direct auto policies were up 10% to 17.945 million? As a result of these announcements, the company's shares have moved 0.17% on the market, and are now trading at a price of $205.015. If you want to know more, read the company's complete 8-K report here.

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