Progressive Corp reported second-quarter 2026 results with revenue of $23.6B and diluted EPS of $5.67, reflecting year‑over‑year growth as underwriting margins remained strong across Personal and Commercial lines.

Financial Highlights

• Revenue was $23.6B, compared with $22B in the prior-year quarter; YoY change 7.3%.
• Net income was $3311M, compared with $3175M in the prior-year quarter; YoY change 4.3%.
• Diluted EPS was $5.67, compared with $5.4 in the prior-year quarter; YoY change 5%.

Business Highlights

• Underwriting profitability was strong: companywide underwriting margin of 12.7% in 2Q 2026, well above the 4% target, driven by Personal and Commercial Lines.
• Net premiums written rose 5% year over year to $21.1B; policies in force exceeded 40M, up about 7% YoY with roughly 0.5M added in the quarter.
• Channel and mix shifts included a 10% increase in personal direct policies and an 8% rise in agency auto; a shift toward more six‑month commercial policies and more renters in property reduced average premium.
• Customer metrics were mixed: snapshot adoption remained steady across channels, while trailing 12‑month personal auto policy life expectancy declined about 8% due to competitive pressures.
• Operational investments increased, notably advertising up 16% sequentially/year‑over‑year and targeted market and underwriting actions (reopening markets, underwriting lifts) to support growth.

Original SEC Filing: PROGRESSIVE CORP/OH/ [ PGR ] - 10-Q - Aug. 03, 2026