Progressive reports July 2026 net income drop despite premium growth

The Progressive Corporation (NYSE: PGR) reported net income of $961 million for July 2026, a 12% decline from $1.09 billion in July 2025, according to a press release from the Mayfield Village, Ohio-based insurer.

Net premiums written rose 5% year over year to $7.44 billion, while net premiums earned increased 5% to $7.36 billion. Earnings per diluted share fell 11% to $1.65, compared with $1.85 in the same month a year earlier.

The company's combined ratio — a measure of underwriting profitability where a figure below 100 indicates a profit — rose 1.5 points to 86.8 from 85.3 in July 2025. Progressive recorded a pretax net realized loss on securities of $47 million in July 2026, compared with a gain of $79 million in the prior-year period, a swing of 159%.

Total policies in force grew 7% to approximately 40.3 million as of July 31, 2026, from about 37.6 million a year earlier. Personal Lines policies totaled 39.07 million, up 7%, while Commercial Lines policies rose 4% to approximately 1.24 million. Within Personal Lines, direct auto policies grew 9% to 16.8 million, and agency auto policies increased 7% to 11.28 million.

Average diluted equivalent common shares outstanding fell 1% to 582.9 million from 588.2 million.

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