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Get filing alertsProgressive June net income falls 31% to $779M; combined ratio rises to 90.0
Filed July 15, 2026 · Period ending July 15, 2026 · ~1 min read
Key Changes
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high
June 2026 net income $779M, down 31% YoY from $1,124M; combined ratio deteriorated 3.4 points to 90.0 driven by higher loss and loss adjustment expenses relative to premiums earned.
Exhibit 99 view on EDGAR → -
high
Q2 2026 net income $3,311M, up 4% YoY; net premiums written grew 5% to $21,077M while combined ratio rose 1.1 points to 87.3.
Exhibit 99 view on EDGAR → -
medium
Property business combined ratio benefited from one-time favorable 11.7 point actuarial methodology change affecting IBNR reserves; adjustment will not recur in future periods.
Exhibit 99 view on EDGAR → -
medium
June 2026 favorable prior accident years development totaled $236M ($56M actuarial adjustments, $180M other), reducing calendar year loss/LAE ratio from 72.8 to 69.5.
Exhibit 99 view on EDGAR → -
low
Repurchased 845,952 shares in June at average $201.16, totaling ~$170M.
Exhibit 99 view on EDGAR →
Summary
Progressive reported mixed June 2026 results. Monthly net income fell 31% year-over-year to $779 million as the combined ratio deteriorated 3.4 points to 90.0, reflecting higher loss and loss adjustment expenses relative to premiums earned. For the full second quarter, net income rose 4% to $3,311 million on 5% premium growth, though the combined ratio still climbed 1.1 points to 87.3.
The Property business received a one-time 11.7 point favorable adjustment from an actuarial methodology change affecting incurred-but-not-reported reserves. This non-recurring benefit flatters June's combined ratio; absent it, underlying underwriting performance would appear weaker. Progressive also recognized $236 million in favorable prior-year development, including $56 million from actuarial adjustments.
Retail investors should note the year-over-year deterioration in the combined ratio signals rising loss costs are outpacing premium growth. The one-time actuarial benefit masks some of this pressure in the monthly figures. The company continues returning capital through share repurchases, buying back $170 million in June.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
Progressive disclosed monthly and year-to-date financial results for June 2026 via news release.
Added in current filing · verify on EDGAR →
On July 15, 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 June 30, 2026, and selected quarterly financial results.
Progressive released its financial results for June 2026 and year-to-date performance through June 30, 2026. The 8-K itself does not contain the actual financial figures — those are in the attached news release (Exhibit 99), which is not included in this filing body.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 16, 2026 · How we verify