Progressive June net income falls 31% to $779M; combined ratio worsens to 90.0

PROGRESSIVE CORP/OH/

June net income $779M ($1.34 diluted EPS) vs $1.124B ($1.91) a year ago, down 31%.
Combined ratio 90.0 vs 86.6 in June 2025, driven by higher loss/LAE ratio.
Quarter net income $3.311B ($5.67 diluted EPS) up 4% from $3.175B ($5.40) in 2025.
Total policies in force 40.1M, up 7% YoY; Personal Lines agency auto up 8%, direct auto up 10%.
Property segment benefited from a one-time favorable 11.7-point actuarial methodology change.

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