PGR · 8-K · 20261014PR000367

Combined Ratio Performance

PROGRESSIVE CORP/OH/ · 2026-10-14 · Importance 30 · Surprise 40

Progressive’s September combined ratio improved 10.4 percentage points year over year to 90.0%, while the third-quarter ratio improved 0.8 points to 88.7%. September’s companywide loss/LAE ratio was 69.2% and the expense ratio was 20.8%, compared with a 73.0% loss/LAE ratio and 17.8% expense ratio in Commercial Lines. The September calendar-year actuarial adjustment was favorable by $161 million, including $143 million of favorable prior-accident-year development. Year to date, the combined ratio was 87.5%, supported by a $790 million favorable calendar-year actuarial adjustment and $1,536 million of favorable prior-accident-year development.

Key facts

• Year-to-date through September 30, 2026 calendar year actuarial adjustment companywide: $790 million. source
• September 2026 calendar year actuarial adjustment companywide: $161 million. source
• Combined ratio for September 2026: 90.0, a 10.4 point improvement versus 100.4 in Sept 2025. source
• For the month ended September 30, 2026, actuarial prior accident years reserve decrease (favorable development) amount: $65 million. source
• Combined ratio for the quarter ended September 30, 2026: 88.7, a 0.8 point improvement versus 89.5 in 2025. source
• For September 2026, GAAP Loss/LAE ratios by channel: Agency 69.4, Direct 70.5, Property 33.8, Personal Lines total 68.5, Commercial Business 73.0, Company total 69.2. source
• Year-to-date GAAP combined ratios through September 30, 2026 by channel: Agency 85.1, Direct 89.6, Property 76.3, Personal Lines total 87.2, Commercial Business 89.0, Company total 87.5. source
• For September 2026, GAAP companywide combined ratio: 90.0. source