Progressive Q3 Net Income Falls 3% to $2.54 Billion as Investment Losses Offset Improved Underwriting; Combined Ratio Improves to 88.7
MAYFIELD VILLAGE, Ohio — Progressive Corporation (NYSE: PGR) reported on October 14 that third- quarter net income fell 3% to $2.542 billion, or $4.37 per share, from $2.615 billion, or $4.45 per share, a year earlier, as realized investment losses offset improved underwriting results. The insurer's combined ratio for the quarter improved to 88.7 from 89.5 a year earlier. Net premiums written rose 4% to $22.301 billion, and net premiums earned rose 5% to $21.869 billion.
Investments were the main drag: Progressive recorded $170 million in pretax net realized losses on securities in the quarter, compared with $295 million in gains a year earlier. September alone was much stronger — net income more than doubled, rising 107% to $630 million from $305 million in September 2025, with earnings per share of $1.08 and a monthly combined ratio of 90.0, improved from 100.4 a year earlier; net premiums written in the month rose 2% to $7.255 billion. Total policies in force rose 6% year over year to about 40.5 million at the end of September: personal auto policies through the direct channel grew 8% to about 16.8 million, the agency channel grew 7% to about 11.3 million, commercial lines policies grew 5% to about 1.25 million, and personal property policies were flat at about 3.65 million.
Published by GSM · USA (original Chinese edition)
Photo: 图：美国州际公路立交航拍（密歇根州 I-696）资料照片。照片：Karen Breen-Bondie，CC BY-SA 2.0，Wikimedia Commons。File photo: aerial view of the Interstate 696 interchange in Michigan. Photo by Karen Breen-Bondie, CC BY-SA 2.0, via Wikimedia Commons.
