PGR · 10-Q · 2026Q2 · Full report

Combined Ratio Performance

PROGRESSIVE CORP/OH/ · 2026-08-03 · Importance 37 · Surprise 32

The companywide underwriting profit margin declined to 12.7% in the second quarter of 2026 from 13.8% in the prior-year quarter, while the combined ratio increased 1.1 points to 87.3%. The loss and loss adjustment expense ratio increased 0.6 points to 67.4%, primarily because of higher claim severity, and the underwriting expense ratio increased 0.5 points to 19.9%. Personal Lines’ underwriting margin fell to 12.4% from 14.0%, while Commercial Lines improved to 14.7% from 13.2%. Personal property’s combined ratio improved 5.6 points to 78.0% because of low catastrophe losses, lower loss frequency, and rate increases.

Key facts

• Companywide underwriting profit margin for Q2 2026 was 1.1 points lower than the same period last year. source
• Companywide underwriting profit margin for the second quarter 2026 was 12.7%. source
• Personal Lines underwriting profit margin for the second quarter 2026 was 12.4%. source
• Commercial Lines underwriting profit margin for the second quarter 2026 was 14.7%. source
• The decrease reflected a 0.6 point increase in our loss and loss adjustment expense (LAE) ratio and a 0.5 point increase in our underwriting expense ratio. source
• Personal vehicle underwriting profit margin was 12.0% and personal property underwriting profit margin was 22.0% for second quarter 2026. source