Progressive (PGR) is down about 3% as the market digests a less favorable underwriting signal from its most recently reported monthly performance. In its February 2026 monthly release, Progressive reported a combined ratio of 85.7, up 3.1 points from 82.6 in February 2025, implying weaker underwriting profitability even as the company continued to grow premiums and policies. (investors.progressive.com)

For February 2026, Progressive reported net premiums written of $6.995 billion (+5% year over year) and net premiums earned of $6.528 billion (+8%), while net income was $943 million (+2%). The market’s negative reaction centers on the combined ratio move higher, which typically signals pressure on loss costs and/or expenses relative to earned premium. (investors.progressive.com)

The stock also moved through its quarterly dividend cycle: Progressive’s next payment is $0.10 per share, payable today (April 10, 2026), with an ex-dividend date of April 2, 2026. While the dividend itself is small, post–ex-date flows can add noise to short-term price action when investors rebalance exposure. (marketbeat.com)

The next catalyst is the company’s upcoming monthly report, where investors will look for whether the combined ratio stabilizes or continues to drift higher, and whether premium growth remains strong enough to offset any underwriting margin normalization. Policy growth remains a key watch item because it indicates whether Progressive is still gaining share while managing profitability. (investors.progressive.com)