The Progressive Corporation (NYSE: PGR) reported a 22% decline in net income for August 2026, falling to $951 million from $1.22 billion in the same month a year earlier, according to a press release from the Mayfield Village, Ohio-based insurer.

Net income per diluted share available to common shareholders dropped 21% to $1.63, compared with $2.07 in August 2025. The combined ratio rose 6.2 points to 89.3 from 83.1 a year earlier, reflecting higher relative costs. Average diluted equivalent common shares declined 1% to 582.1 million.

Net premiums written rose 6% to $7.605 billion from $7.199 billion, while net premiums earned increased 5% to $7.354 billion from $7.036 billion. Total pretax net realized gains on securities increased 38% to $108 million from $78 million.

Total policies in force grew 7% year over year to approximately 40.49 million as of August 31, 2026, up from roughly 37.89 million a year earlier. Personal Lines policies rose 7% to about 39.25 million, driven by a 9% increase in direct auto policies to 16.88 million and a 7% gain in agency auto policies to 11.34 million. Special lines policies grew 6% to 7.38 million, while property policies were essentially flat at 3.65 million. Commercial Lines policies increased 4% to approximately 1.25 million.