Progressive reported second quarter 2026 net premiums earned of $21.57 billion and earnings per share of $5.67, beating analyst estimates of $21.53 billion and $4.56, respectively. The company's combined ratio came in at 87.3%, significantly better than the expected range of 89-92%.
Key Highlights
- The company's second quarter combined ratio of 87.3% was well below the consensus range of 89-92%, signaling stronger underwriting profitability than anticipated.
- Net premiums written for the quarter grew 5% year-over-year to $21.08 billion, while net premiums earned increased 6% to $21.57 billion.
- Total policies in force grew 7% year-over-year to approximately 40.1 million, led by an 8% increase in the Personal Lines segment.