PGR · 8-K · 20260819PR000315

Combined Ratio Performance

PROGRESSIVE CORP/OH/ · 2026-08-19 · Importance 24 · Surprise 14 · In source text

Progressive’s July combined ratio increased 1.5 points year over year to 86.8, reflecting a 66.3 loss and loss adjustment expense ratio and a 20.5 expense ratio. Personal Lines reported an 86.3 combined ratio, while Commercial Lines reported 89.6. July net catastrophe losses represented 2.1% of net premiums earned companywide, including 10.9% for Direct auto and 0.7% for Commercial Lines. Favorable prior-accident-year development of $260 million and a $122 million calendar-year actuarial adjustment supported July results.

Key facts

• Prior accident years development favorable/(unfavorable) total development for July 2026: $260 million (Actuarial adjustment $89 million; All other development $171 million) source
• Year-to-date prior accident years development total for 2026: $1,262 million (Actuarial adjustment $372 million; All other development $890 million) source
• Losses and loss adjustment expenses for July 2026: $4,880 million source
• Actuarial calendar year actuarial adjustment for July 2026 by channel: Agency $56 million, Direct $48 million, Property $8 million, Total Personal Lines $112 million, Commercial Business $10 million, Company $122 million source
• Net catastrophe loss ratio for July 2026 by channel: Agency 1, Direct 1.9, Property 10.9, Total Personal Lines 2.3, Commercial Business 0.7, Company 2.1 source
• Combined ratio for July 2026: 86.8, July 2025: 85.3, change 1.5 pts. source
• GAAP Loss/LAE ratios for July 2026 by channel: Agency 65.5, Direct 67.8, Property 51.0, Total Personal Lines 66.1, Commercial Business 67.6, Company 66.3 source
• GAAP Combined ratios for July 2026 by channel: Agency 83.6, Direct 88.9, Property 79.6, Total Personal Lines 86.3, Commercial Business 89.6, Company 86.8 source

Impact estimates