Progressive Q3 2026 earnings: EPS dips to $4.37 on investment losses as combined ratio improves to 88.7

Progressive earned $4.37 a share in the third quarter, down 2% from $4.45 a year earlier, as losses on its securities portfolio outweighed stronger underwriting results, the auto insurer said Wednesday in a regulatory filing.

Net income for the quarter was $2.54 billion, compared with $2.62 billion. Its combined ratio, which measures claims and expenses against earned premiums, improved to 88.7 from 89.5.

Investments pulled the other way. Progressive recorded $170 million of net realized losses on securities for the quarter, versus $295 million of gains a year earlier.

Premiums kept growing. Net premiums written rose 4% to $22.3 billion, and net premiums earned increased 5% to $21.9 billion. Policies in force climbed 6% to 40.5 million, with direct auto up 8% and agency auto up 7%. Property policies were flat at 3.65 million.

September alone looked very different from a year ago. Net income for the month more than doubled to $630 million, or $1.08 a share, from $305 million, and the monthly combined ratio fell to 90.0 from 100.4. The month included $231 million of net realized losses on securities.

By the numbers

• Q3 EPS: $4.37, down from $4.45
• Q3 net income: $2.54 billion
• Q3 combined ratio: 88.7, vs. 89.5
• Net premiums written: $22.3 billion, up 4%
• Policies in force: 40.5 million, up 6%
• September net income: $630 million, vs. $305 million

Sources

1. The Progressive Corporation, Form 8-K (Item 2.02), Exhibit 99, “Progressive Reports September Results” (month and quarter ended Sept. 30, 2026), filed Oct. 14, 2026, accession 0000080661-26-000367.

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