PGR · 10-Q · 2026Q3

PROGRESSIVE CORP/OH/

Filed 2026-11-02 · Financials · View original filing on EDGAR

Ranked Events

• Florida Property Market ReshapingImportance 61 · Surprise 66
  Progressive paid $1.2 billion in Florida policyholder credits in the first quarter of 2026, reducing operating cash flows versus the prior-year period. The credits followed $950 million of policyholder credit expense…
• Catastrophe Reinsurance ProgramImportance 58 · Surprise 42
  In the second quarter of 2026, Progressive entered new per-occurrence excess-of-loss reinsurance contracts for personal property, with retentions of $300 million for a storm outside Florida and $75 million for a…
• Investment Portfolio Unrealized LossImportance 51 · Surprise 64
  At September 30, 2026, the fixed-maturity portfolio had an after-tax net unrealized loss of $2.730 billion, recorded in accumulated other comprehensive income (loss). This compared with an after-tax net unrealized gain…
• Liquidity and Capital PositionImportance 48 · Surprise 40
  Operating cash flow was $12.5 billion for the first nine months of 2026, down from $14.4 billion in the comparable 2025 period, primarily because $1.2 billion of Florida policyholder credits were paid in first-quarter…
• Advertising Investment StrategyImportance 48 · Surprise 40
  Companywide advertising costs were $1.6 billion in third-quarter 2026 and $4.5 billion for the first nine months, up 18% year over year in both periods. Advertising added 0.8 points to the third-quarter underwriting…
• Portfolio Liquidity OutlookImportance 44 · Surprise 24
  Progressive expected approximately $12.0 billion, or 24%, of principal repayments over the next 12 months from its fixed-income portfolio, excluding U.S. government securities and short-term investments. The company…
• Investment Portfolio PerformanceImportance 42 · Surprise 40
  For the three months ended September 30, 2026, the portfolio’s FTE total return was negative 1.5%, compared with positive 1.7% in the prior-year quarter; for the first nine months of 2026, it was negative 0.3%,…
• Revenue Performance and MixImportance 42 · Surprise 14
  Third-quarter 2026 companywide net premiums written were $22.3 billion, up 4% year over year, while net premiums earned increased 5%. Personal Lines net premiums written rose 4% to $19.9 billion, representing 89% of…
• Capital Return ProgramImportance 38 · Surprise 24
  During the first nine months of 2026, Progressive repurchased 7.7 million common shares for $1.6 billion, through open-market purchases and shares withheld for employee equity-award taxes. The Board declared a…
• Combined Ratio PerformanceImportance 37 · Surprise 32
  The companywide underwriting profit margin increased to 11.3% in third-quarter 2026 from 10.5% a year earlier, and the combined ratio improved 0.8 points to 88.7%. The 4.5-point decline in the underwriting expense…
• Personal Property Market ReshapingImportance 36 · Surprise 40
  Progressive continued reducing exposure in volatile weather-related markets, including coastal, wildfire- and hail-prone areas, while increasing homeowners product availability in markets where it believes…
• Premium Pricing PressureImportance 31 · Surprise 32
  Progressive cited increased marketplace competition as a driver of aggregate personal auto rate decreases over the prior 12 months, which contributed to a 2% decline in average written premium per personal auto policy.…
• Market Demand TrendsImportance 30 · Surprise 40
  Robinsons experienced low-double-digit quote-volume growth and a single-digit conversion decline in the agency auto business in the third quarter and first nine months of 2026. In direct personal auto, quote volume…
• Commercial Auto Pricing MixImportance 25 · Surprise 32
  Rates in core commercial auto products remained relatively stable during the third quarter, bringing the year-to-date aggregate rate increase to 2%. The effect of rate increases over the preceding 12 months on written…
• Commercial Auto Demand TrendsImportance 25 · Surprise 32
  Core commercial auto applications grew year over year in most business market territories (BMTs), with for-hire transportation the exception for new applications in the quarter and renewal applications in both periods.…
• Snapshot Product AdoptionImportance 25 · Surprise 32
  Snapshot adoption among new personal auto customers increased 8% in the agency channel but decreased 4% in the direct channel year over year. About half of direct new-business customers elected Snapshot in both…
• Competition and Customer RetentionImportance 25 · Surprise 32
  Personal auto shopping and marketplace competition contributed to a 9% year-over-year decline in both trailing three-month and trailing 12-month policy life expectancy. Personal property policy life expectancy fell 7%,…
• Policies in Force GrowthImportance 25 · Surprise 32
  Companywide policies in force increased 6%, or 2.4 million policies, year over year to September 30, 2026, including 0.4 million added during the third quarter. Personal auto policies in force grew 7%, while total…
• Pricing and Inflation MonitoringImportance 19 · Surprise 24
  Progressive said its personal auto, personal property, and core commercial auto products were adequately priced in most states through the remainder of 2026. It monitors loss severity and frequency, inflation, vehicle…
• Distribution ChannelsImportance 13 · Surprise 6
  Personal auto business was 41% agency and 59% direct during the third quarter of 2026, with agency distribution supported by more than 40,000 independent insurance agencies and brokerages in New York and California.…

Revenue by Product (in millions)