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Get filing alertsProgressive reports 36% net income jump in May; Personal Lines President to retire in 2027
Filed June 17, 2026 · Period ending June 11, 2026 · ~1 min read
Key Changes
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Net income rose 36% to $1,445M in May 2026 vs. $1,065M prior year; combined ratio improved 4.8 pts to 82.1, reflecting stronger underwriting profitability and investment income growth.
Exhibit 99.1 view on EDGAR → -
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Net premiums written grew 6% to $7,027M in May 2026; policies in force increased 8% YoY to 39,970 thousand, with Direct auto up 9% and Agency auto up 3%.
Exhibit 99.1 view on EDGAR → -
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Personal Lines President Pat Callahan will retire in January 2027 after 24 years; Lori Niederst promoted to newly created Chief Personal Lines Officer role overseeing both Personal Lines and CRM operations effective July 4, 2026.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR → -
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CFO Andrew Quigg's compensation package approved: $700K annual salary, 150% Gainshare target, and $1.3M in equity awards ($100K time-based RSUs, $1.2M performance-based RSUs) effective July 2026.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR → -
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Progressive repurchased 1.27M shares in May 2026 at an average cost of $198.42 per share, totaling approximately $252M; book value per share was $58.11 at May 31, 2026.
Exhibit 99.1 view on EDGAR →
Summary
Progressive disclosed strong May 2026 operating results alongside a planned leadership transition. Net income jumped 36% to $1,445 million, driven by a combined ratio improvement to 82.1 (4.8 points better year-over-year) and robust investment income. Premium growth of 6% and an 8% increase in policies in force demonstrate continued market share gains, with Direct auto outpacing Agency auto.
Year-to-date net income reached $5,350 million with favorable prior-year development of $766 million. On the leadership front, Personal Lines President Pat Callahan will retire in January 2027 after nearly 24 years, remaining as a part-time advisor afterward.
The company created a Chief Personal Lines Officer role to consolidate oversight of Personal Lines and CRM operations, promoting Lori Niederst to the position effective July 4, 2026. Heather Day will succeed Niederst as CRM President. The filing also disclosed CFO Andrew Quigg's compensation package, including $700,000 annual salary and $1.3 million in equity awards. The orderly succession plan and strong operating momentum reflect Progressive's bench strength and execution discipline.
Section-by-Section Diff
Event · Exhibit 99.2
Added in current filing · view on EDGAR →
Pat Callahan intends to retire from his role as the Company’s Personal Lines President after almost 24 years with the Company. Mr. Callahan will continue to serve in his current role until January 2027, and will continue to advise the Company on a part-time basis afterward.
Pat Callahan, Personal Lines President for nearly 24 years, will retire from his current role in January 2027 but will continue advising the company part-time afterward. The company will conduct an internal search for his successor. This is a planned, orderly transition of a senior leadership role.
Added in current filing · view on EDGAR →
To support a smooth transition, Lori Niederst, currently CRM President, will move into a newly created role of Chief Personal Lines Officer, overseeing Personal Lines and CRM operations.
Progressive created a new Chief Personal Lines Officer position to oversee both Personal Lines and CRM operations. Lori Niederst, currently CRM President, will fill this role to support the transition from Callahan's retirement. This consolidates oversight of two major business segments under one executive.
Show 2 minor / wording changes
Added in current filing · view on EDGAR →
Heather Day, currently General Manager, Customer Experience Strategy in the CRM organization, will move into the CRM President role in July.
Heather Day, currently General Manager of Customer Experience Strategy, will become CRM President in July 2026, succeeding Lori Niederst. This internal promotion maintains continuity in the CRM organization during the broader leadership transition.
Added in current filing · view on EDGAR →
Progressive has focused for many years on employee growth and development, which helps create the strong and deep bench of talent that allows for orderly transitions in our senior leadership roles
CEO Tricia Griffith emphasized the company's long-term focus on employee development and succession planning, noting that this approach enables smooth leadership transitions. She highlighted Niederst's diverse experience across CRM, HR, and Claims roles as preparation for the expanded Chief Personal Lines Officer position.
Event · Item 7.01 — Regulation FD Disclosure
Progressive disclosed May 2026 monthly and year-to-date financial results via Regulation FD news release.
Added in current filing · verify on EDGAR →
On June 17, 2026, 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 May 31, 2026.
Progressive disclosed its financial results for May 2026 and the year-to-date period through May 31, 2026. The results are contained in a news release attached as an exhibit to this 8-K filing under Regulation FD, which requires public disclosure of material information to all investors simultaneously.
Event · Exhibit 99.1
Progressive reported May 2026 results: net income $1,445M (+36% YoY), combined ratio 82.1 (4.8 pts better YoY), net premiums written +6% YoY.
Added in current filing · view on EDGAR →
Net income $ 1,445 $ 1,065 36 %
Progressive reported net income of $1,445 million for May 2026, up 36% from $1,065 million in May 2025. Earnings per diluted share increased 36% to $2.47 from $1.81. The improvement was driven by underwriting profitability gains and investment income growth.
Added in current filing · view on EDGAR →
Combined ratio 82.1 86.9 (4.8) pts.
The combined ratio improved 4.8 percentage points to 82.1 in May 2026 from 86.9 in May 2025. The loss/LAE ratio was 62.4 and the expense ratio was 19.7. A combined ratio below 100 indicates underwriting profitability, and the improvement reflects better loss experience and operating leverage.
Added in current filing · view on EDGAR →
Net income 5,350 4,618
For the five months ended May 31, 2026, Progressive reported net income of $5,350 million, up from $4,618 million in the prior-year period. Net premiums written increased 6% to $37,946 million. The combined ratio was 86.3 for the year-to-date period. Prior accident years development was favorable by $766 million.
Added in current filing · view on EDGAR →
Common shares repurchased in the current month 1,269,184 Average cost per common share $ 198.42
Progressive repurchased 1,269,184 common shares during May 2026 at an average cost of $198.42 per share, totaling approximately $252 million. Average diluted shares outstanding decreased 1% year-over-year to 584.2 million. Book value per common share was $58.11 at May 31, 2026.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 14, 2026 · How we verify