Progressive Posts 10% Net Income Gain, 7% Growth in April Premiums
Progressive’s April net premiums written rose 6% to $7.278bn while net premiums earned climbed 7% to $7.112bn year-over-year. Net income increased 10% to $1.087bn, or $1.86 per share, and pretax net realized gains swung to $402m from a $3m loss, even as the combined ratio widened 5.3 points.
1. April Financial Highlights
During April 2026, Progressive reported net premiums written of $7,278m, up 6% from $6,837m a year earlier, and net premiums earned of $7,112m, a 7% increase. Net income rose 10% to $1,087m, translating to $1.86 per share, while total pretax net realized gains jumped to $402m from a $3m loss.
2. Underwriting Profitability and Combined Ratio
The combined ratio deteriorated by 5.3 points to 90.2, reflecting higher loss and expense ratios despite strong premium growth and investment performance. This ratio shift indicates a moderation in underwriting profitability compared to the 84.9 combined ratio posted in April 2025.
3. Policy In-Force Growth
Total policies in force increased 8% to 39.767 million, driven by an 11% rise in direct auto policies to 16.645 million and an 8% gain in personal auto agency policies to 11.108 million. Special lines and commercial lines policies grew 7% and 3%, respectively, supporting ongoing customer acquisition momentum.