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Get filing alertsProgressive reports April 2026 net income up 10% to $1.1B; combined ratio rises 5.3 pts to 90.2
Filed May 20, 2026 · Period ending May 20, 2026 · ~1 min read
Key Changes
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high
Net income rose 10% YoY to $1,087M ($1.86/share) despite combined ratio deteriorating to 90.2 from 84.9, driven by elevated catastrophe losses from hail and thunderstorm events across the U.S.
Exhibit 99 view on EDGAR → -
high
Catastrophe losses hit 7.0% of net premiums earned in April (vs. 0.5% prior year), with Direct auto segment bearing the brunt at 28.9% catastrophe loss ratio.
Exhibit 99 view on EDGAR → -
medium
Net premiums written grew 6% to $7.3B with policies in force up 8% to 39.8M; Direct auto policies grew fastest at 11% while property policies grew only 1%.
Exhibit 99 view on EDGAR → -
medium
Year-to-date net income reached $3.9B with combined ratio improving to 87.4 and catastrophe losses at 2.7% of net premiums earned.
Exhibit 99 view on EDGAR → -
low
Repurchased 957K shares at average $200.60 in April, returning ~$192M to shareholders.
Exhibit 99 view on EDGAR →
Summary
Progressive disclosed April 2026 results showing net income growth of 10% to $1.1 billion despite underwriting profitability deteriorating from the prior year. The combined ratio rose 5.3 points to 90.2, driven by catastrophe losses that hit 7.0% of net premiums earned—primarily from hail and thunderstorm events across the United States.
The Direct auto segment absorbed the heaviest impact with a 28.9% catastrophe loss ratio, while Commercial Lines saw minimal catastrophe exposure at 0.5%. The top-line story remains healthy: net premiums written grew 6% and policies in force expanded 8% to 39.8 million, with Direct auto leading growth at 11%.
Year-to-date performance shows net income of $3.9 billion and an improved combined ratio of 87.4, indicating April's elevated catastrophe losses represent a monthly spike rather than a trend. The company continues returning capital with $192 million in share repurchases during the month. For holders, the key watch is whether catastrophe frequency remains elevated through the spring storm season, which could pressure full-year underwriting margins despite strong premium growth.
Section-by-Section Diff
Event · Item 7.01 — Regulation FD Disclosure
Progressive disclosed April 2026 monthly and year-to-date financial results via Regulation FD news release.
Added in current filing · verify on EDGAR →
On May 20, 2026, The Progressive Corporation (the “Company”) issued a news release containing financial results of the Company and its consolidated subsidiaries for the month and year-to-date periods ended April 30, 2026.
Progressive disclosed its financial results for April 2026 and the year-to-date period through April 30, 2026. The 8-K references a news release attached as Exhibit 99 but does not include the actual financial figures in the body of the filing.
Event · Exhibit 99
Progressive reports April 2026 results: net income $1,087M (+10% YoY), combined ratio 90.2 (up 5.3 pts), net premiums written +6%.
Added in current filing · view on EDGAR →
Net premiums written $ 7,278 $ 6,837 6 % | Net premiums earned $ 7,112 $ 6,641 7 % | Net income $ 1,087 $ 986 10 % Per share available to common shareholders $ 1.86 $ 1.68 11 % Total pretax net realized gains (losses) on securities $ 402 $ (3) NM Combined ratio 90.2 84.9 5.3 pts.
Progressive reported April 2026 net income of $1,087 million, up 10% from $986 million in April 2025, with earnings per share of $1.86 (up 11%). Net premiums written grew 6% to $7,278 million. The combined ratio deteriorated to 90.2 from 84.9 in the prior year (up 5.3 points), driven by higher catastrophe losses. The company recorded $402 million in pretax net realized gains on securities versus a $3 million loss in the prior year.
Added in current filing · view on EDGAR →
Policies in Force | Personal Lines | Agency – auto 11,108 10,246 8 | Direct – auto 16,645 14,938 11 | Special lines 7,168 6,705 7 | Property 3,639 3,590 1 | Total Personal Lines 38,560 35,479 9 | Commercial Lines 1,207 1,174 3 | Total 39,767 36,653 8
Progressive's total policies in force grew 8% year-over-year to 39.8 million as of April 30, 2026. Direct auto policies grew fastest at 11% to 16.6 million, while Agency auto grew 8% to 11.1 million. Personal Lines property policies grew only 1% to 3.6 million, and Commercial Lines policies grew 3% to 1.2 million.
Added in current filing · view on EDGAR → · paraphrased
Net premiums written $ 30,919 $ 29,043 Net income 3,905 3,553 Combined ratio 84.1 89.4 84.0 87.0 89.4 87.4 Net catastrophe loss ratio 2.5 16.5 3.1 0.3 2.7
For the four months ended April 30, 2026, Progressive reported net income of $3,905 million versus $3,553 million in the prior year, with net premiums written up 6% to $30,919 million. The year-to-date combined ratio improved to 87.4 from 88.5 implied in 2025, with catastrophe losses representing 2.7% of net premiums earned. Personal Lines Direct auto showed the strongest underwriting performance with an 89.4 combined ratio.
Added in current filing · view on EDGAR →
Common shares repurchased in the current month 956,615 Average cost per common share $ 200.60
Progressive repurchased 956,615 common shares during April 2026 at an average cost of $200.60 per share, representing approximately $192 million in capital returned to shareholders. Common shares outstanding declined to 583.5 million as of April 30, 2026.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 14, 2026 · How we verify