The Progressive Corporation’s PGR third-quarter 2026 earnings per share of $4.60 beat the Zacks Consensus Estimate by 3.1%. The bottom line increased 13.6% year over year.
Behind the Headlines
Net premiums written were $22.3 billion in the quarter, up 4% from $21.4 billion a year ago.
Net premiums earned grew 5% to $21.9 billion. The reported figure met the Zacks Consensus Estimate.
Net realized loss on securities was $170 million, versus a $295 million gain in the year-ago quarter.
Combined ratio improved 80 basis points (bps) from the prior-year quarter’s level to 88.7. The Zacks Consensus Estimate was pegged at 89.4.
The Progressive Corporation Price, Consensus and EPS Surprise
The Progressive Corporation price-consensus-eps-surprise-chart | The Progressive Corporation Quote
September Numbers in Details
Operating revenues grew 5.2% year over year to $7.7 billion, driven by 4.9% higher net premiums earned, a 13.2% increase in net investment income, a 5% rise in fees and other revenues and 6.7% higher service revenues.
Total expenses decreased 5.6% to $6.6 billion, largely attributable to the absence of policyholder credit expense in the current month.
September Policies in Force
Policies in force were strong in the Personal Lines segment, up 6% from 39.2 million in the year-ago month. Progressive’s Commercial Lines segment policies rose 5% year over year to 1.3 million.
In the Personal Lines segment, Agency Auto increased 7% year over year to 11.3 million, while Direct Auto increased 8% to 16.8 million. Special Lines improved 6% to 7.4 million.
The Property business had 3.6 million policies in force, flat year over year.
Financial Update
Progressive’s book value per share was $59.51 as of Sept. 30, 2026, down 1.6% from $60.45 as of Sept. 30, 2025.
Return on equity in June 2026 was 25.7%, down from 37.1% reported in the year-ago period. The total debt-to-total capital ratio deteriorated 330 bps to 19.6.
Zacks Rank
PGR currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
The Travelers Companies Inc. TRV will report third-quarter 2026 results on Oct. 16, before market open. The Zacks Consensus Estimate for third-quarter earnings per share is pegged at $7.01, suggesting a decrease of 13.9% from the year-ago quarter’s reported figure.
TRV’s earnings beat estimates in the last four quarters.
Chubb Limited CB will report third-quarter 2026 results on Oct. 20, after market close. The Zacks Consensus Estimate for third-quarter earnings per share is pegged at $6.42, indicating a decrease of 14.3% from the year-ago quarter’s reported figure.
CB’s earnings beat estimates in the last four quarters.
W.R. Berkley Corporation WRB will report third-quarter 2026 results on Oct. 19, after market close. The Zacks Consensus Estimate for third-quarter earnings per share is pegged at $1.14, suggesting an increase of 3.6% from the year-ago quarter reported figure.
WRB’s earnings beat estimates in three of the last four reported quarters, while missing in one.
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The Progressive Corporation (PGR): Free Stock Analysis Report
The Travelers Companies, Inc. (TRV): Free Stock Analysis Report
Chubb Limited (CB): Free Stock Analysis Report
W.R. Berkley Corporation (WRB): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).