earnings
confidence high
sentiment negative
materiality 0.65
Progressive April net income up 10% to $1.09B but combined ratio rises to 90.2 from 84.9 on cat losses
PROGRESSIVE CORP/OH/
2026-Q1 EPS
reported $4.80
vs consensus $4.91
▼ miss
(-2.2%)
- Net premiums written $7.28B (+6% YoY); net premiums earned $7.11B (+7%).
- Net income $1.09B ($1.86 diluted EPS) vs $986M ($1.68) last year; YTD net income $3.91B ($6.66 diluted).
- Combined ratio 90.2% vs 84.9% last April; YTD combined ratio 87.4%; net catastrophe loss ratio 7.0% (companywide).
- Policies in force 39.8M (+8% YoY); Personal Lines auto direct +11%, agency auto +8%.
- Total pretax net realized gains on securities $402M (vs -$3M last year) drove earnings.
item 7.01item 9.01