Progressive reported first quarter 2026 net premiums earned of $21.0 billion and diluted EPS of $4.80. The company's combined ratio of 86.4% indicated stronger underwriting profitability than analysts had forecast, despite a slight deterioration from the prior year.
Key Highlights
- The company's first quarter combined ratio was 86.4%, beating the consensus estimate of 87.2% but slightly higher than the 86.0% reported in the same quarter last year.
- Net premiums written for the quarter grew 6% year-over-year to $23.6 billion, showing continued business expansion.
- Total policies in force increased by 9% compared to the prior year, led by a 12% increase in Direct auto policies.