PROGRESSIVE CORP/OH/ (Form: 8-K, Received: 04/15/2026 08:44:40)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) April 15, 2026

THE PROGRESSIVE CORPORATION

(Exact name of registrant as specified in its charter)

Ohio

001-09518

34-0963169

(State or other jurisdiction of
incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

300 North Commons Blvd.,

Mayfield Village,

Ohio

44143

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code (440) 461-5000


Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1.00 Par Value	PGR	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On April 15, 2026, The Progressive Corporation (the “Company”) issued a news release containing financial results of the Company and its consolidated subsidiaries for the month and year-to-date periods ended March 31, 2026. A copy of the news release is attached hereto as Exhibit 99.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

See exhibit index on page 3.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:

April 15, 2026

THE PROGRESSIVE CORPORATION

By:

/s/ Carl G. Joyce

Name:

Carl G. Joyce

Title:

Vice President and Chief Accounting Officer

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EXHIBIT INDEX


Exhibit No. Under Reg. S-K Item 601	Form 8-K Exhibit No.	Description
99	99	News release dated April 1 5 , 2026, containing financial results of The Progressive Corporation and its consolidated subsidiaries for the month and year-to-date periods ended March 31 , 2026.

104	104	Cover Page Interactive Data File (the cover page tags are embedded within the Inline XBRL document).

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									NEWS RELEASE



The Progressive Corporation									Company Contact:
300 North Commons Blvd.									Douglas S. Constantine
Mayfield Village, Ohio 44143									(440) 395-3707
http://www.progressive.com									investor_relations@progressive.com

PROGRESSIVE REPORTS MARCH RESULTS

MAYFIELD VILLAGE, OHIO -- April 15, 2026 -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month and quarter ended March 31, 2026:


	March						Quarter
(millions, except per share amounts and ratios; unaudited)	2026		2025		Change		2026		2025		Change
Net premiums written	$	9,911	$	9,041	10	%	$	23,641	$	22,206	6	%
Net premiums earned	$	7,519	$	6,787	11	%	$	20,968	$	19,409	8	%
Net income	$	712	$	522	36	%	$	2,818	$	2,567	10	%
Per share available to common shareholders	$	1.21	$	0.89	37	%	$	4.80	$	4.37	10	%
Total pretax net realized gains (losses) on securities	$	(218)	$	(211)	3	%	$	(120)	$	(212)	(43)	%
Combined ratio	88.8		90.9		(2.1)	pts.	86.4		86.0		0.4	pts.
Average diluted equivalent common shares	586.2		587.7		0	%	586.9		587.7		0	%


	March 31,
(thousands; unaudited)	2026	2025	% Change
Policies in Force
Personal Lines
Agency – auto	11,056	10,146	9
Direct – auto	16,572	14,771	12
Special lines	7,101	6,637	7
Property	3,640	3,576	2
Total Personal Lines	38,369	35,130	9
Commercial Lines	1,196	1,162	3
Total	39,565	36,292	9

Progressive offers personal and commercial insurance throughout the United States. Our Personal Lines business writes insurance for personal vehicles (auto and special lines products) and personal property insurance for homeowners and renters. Our Commercial Lines business writes auto-related liability and physical damage insurance, business-related general liability and commercial property insurance predominantly for small businesses, and workers’ compensation insurance primarily for the transportation industry.

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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES

COMPREHENSIVE INCOME STATEMENT

For the month ended March 31, 2026

(millions)

(unaudited)


	Current Month		Comments on Monthly Results1
Net premiums written	$	9,911

Revenues:
Net premiums earned	$	7,519
Investment income	313
Net realized gains (losses) on securities:
Net realized gains (losses) on security sales	37
Net holding period gains (losses) on securities	(255)

Total net realized gains (losses) on securities	(218)
Fees and other revenues	103
Service revenues	46
Total revenues	7,763

Expenses:
Losses and loss adjustment expenses	5,179
Policy acquisition costs	548
Other underwriting expenses	1,054

Investment expenses	3
Service expenses	47
Interest expense	24
Total expenses	6,855

Income before income taxes	908
Provision for income taxes	196
Net income	712

Other comprehensive income (loss):

Change in total net unrealized gains (losses) on fixed-maturity securities	(1,025)



Total comprehensive income (loss)	$	(313)

1 See the Monthly Commentary at the end of this release for additional discussion. For a description of our financial reporting and accounting policies as it applies to information contained throughout this release, see Note 1 to our 2025 audited consolidated financial statements included in our 2025 Shareholders’ Report, which can be found at www.progressive.com/annualreport.

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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES

COMPREHENSIVE INCOME STATEMENTS

For the year-to-date periods ended March 31,

(millions)

(unaudited)


	Year-to-Date
	2026		2025
Net premiums written	$	23,641	$	22,206

Revenues:
Net premiums earned	$	20,968	$	19,409
Investment income	917		814
Net realized gains (losses) on securities:
Net realized gains (losses) on security sales	96		1
Net holding period gains (losses) on securities	(216)		(213)

Total net realized gains (losses) on securities	(120)		(212)
Fees and other revenues	297		287
Service revenues	126		111
Total revenues	22,188		20,409

Expenses:
Losses and loss adjustment expenses	13,827		12,804
Policy acquisition costs	1,538		1,456
Other underwriting expenses	3,048		2,719

Investment expenses	8		7
Service expenses	131		117
Interest expense	70		70
Total expenses	18,622		17,173

Income before income taxes	3,566		3,236
Provision for income taxes	748		669
Net income	2,818		2,567

Other comprehensive income (loss):

Change in total net unrealized gains (losses) on fixed-maturity securities	(574)		899



Total comprehensive income (loss)	$	2,244	$	3,466

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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES

COMPUTATION OF NET INCOME AND COMPREHENSIVE INCOME PER SHARE

INVESTMENT RESULTS

For the month and year-to-date periods ended March 31,

(millions – except per share amounts)

(unaudited)


The following table sets forth the computation of per share results:
	March		Year-to-Date
	2026		2026		2025

Net income	$	712	$	2,818	$	2,567
Per common share:
Basic	$	1.22	$	4.81	$	4.38
Diluted	$	1.21	$	4.80	$	4.37

Comprehensive income (loss)	$	(313)	$	2,244	$	3,466
Per common share:
Diluted1	$	(0.54)	$	3.82	$	5.90

Average common shares outstanding - Basic	585.0		585.6		586.0
Net effect of dilutive stock-based compensation	1.2		1.3		1.7
Total average equivalent common shares - Diluted	586.2		586.9		587.7

1Basic earnings per share is disclosed where a comprehensive loss is reported since diluted comprehensive earnings per share are antidilutive.


The following table sets forth the investment results for the period:
	March	Year-to-Date
	2026	2026	2025
Fully taxable equivalent (FTE) total return:
Fixed-income securities	(1.1)%	0.3%	2.5%
Common stocks	(5.0)%	(4.1)%	(5.0)%
Total portfolio	(1.3)%	0.1%	2.2%

Pretax annualized investment income book yield	4.2%	4.2%	4.1%

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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

For the month ended March 31, 2026

($ in millions)

(unaudited)


Current Month
	Personal Lines Business								Commercial
	Vehicles								Lines		Companywide
	Agency		Direct		Property		Total		Business1		Total
Net Premiums Written	$	2,951	$	4,094	$	277	$	7,322	$	2,588	$	9,911
% Growth in NPW	9%		13%		(6)%		10%		7%		10%
Net Premiums Earned	$	2,670	$	3,646	$	268	$	6,584	$	935	$	7,519
% Growth in NPE	9%		16%		0%		13%		0%		11%

GAAP Ratios
Loss/LAE ratio	67.8		69.4		59.5		68.4		71.8		68.8
Expense ratio	18.0		20.3		29.5		19.7		21.7		20.0
Combined ratio	85.8		89.7		89.0		88.1		93.5		88.8
Net catastrophe loss ratio2	2.0				21.3		2.8		0.2		2.4

Actuarial Adjustments3
Reserve Decrease/(Increase)
Prior accident years											$	85
Current accident year											14
Calendar year actuarial adjustment	$	35	$	62	$	(1)	$	96	$	3	$	99

Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment											$	85
All other development											56
Total development											$	141

Calendar year loss/LAE ratio											68.8
Accident year loss/LAE ratio											70.7

1 Net premiums written include the March 1, 2026, renewal of our transportation network company (TNC) policies.

2 Represents catastrophe losses incurred during the period, including development on prior events and the impact of reinsurance, if any, as a percent of net premiums earned.

3 Represents adjustments solely based on our normally scheduled actuarial reviews. For our Personal Lines property business, the actuarial reserving methodology includes changes to catastrophe losses, while the reviews in our personal and commercial vehicle businesses do not include catastrophes.

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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

For the year-to-date period ended March 31, 2026

($ in millions)

(unaudited)


Year-to-Date
	Personal Lines Business								Commercial
	Vehicles								Lines		Companywide
	Agency		Direct		Property		Total		Business		Total
Net Premiums Written	$	7,827	$	11,085	$	693	$	19,605	$	4,033	$	23,641
% Growth in NPW	5%		10%		(5)%		7%		3%		6%
Net Premiums Earned	$	7,480	$	10,134	$	770	$	18,384	$	2,583	$	20,968
% Growth in NPE	6%		14%		(1)%		10%		(4)%		8%

GAAP Ratios
Loss/LAE ratio	64.6		67.6		49.0		65.6		67.4		65.9
Expense ratio	18.2		21.3		29.3		20.4		21.6		20.5
Combined ratio	82.8		88.9		78.3		86.0		89.0		86.4
Net catastrophe loss ratio1	0.9				12.5		1.4		0.2		1.3

Actuarial Adjustments2
Reserve Decrease/(Increase)
Prior accident years											$	122
Current accident year											29
Calendar year actuarial adjustment	$	49	$	83	$	(7)	$	125	$	26	$	151

Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment											$	122
All other development											329
Total development											$	451

Calendar year loss/LAE ratio											65.9
Accident year loss/LAE ratio											68.1

1 Represents catastrophe losses incurred during the year, including development on prior events and the impact of reinsurance, as a percent of net premiums earned.

2 Represents adjustments solely based on our normally scheduled actuarial reviews. For our Personal Lines property business, the actuarial reserving methodology includes changes to catastrophe losses, while the reviews in our personal and commercial vehicle businesses do not include catastrophes.

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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES

BALANCE SHEET AND OTHER INFORMATION

(millions - except per share amounts and common shares repurchased)

(unaudited)


	March 31, 2026
CONDENSED GAAP BALANCE SHEET:
Investments, at fair value:
Available-for-sale securities:
Fixed maturities1 (amortized cost: $88,408)	$	87,832
Short-term investments (amortized cost: $2,126)	2,126
Total available-for-sale securities	89,958
Equity securities:
Nonredeemable preferred stocks (cost: $259)	240
Common equities (cost: $839)	3,933
Total equity securities	4,173
Total investments2, 3	94,131
Net premiums receivable	17,614
Reinsurance recoverables (including $3,748 on unpaid loss and LAE reserves)	4,003
Deferred acquisition costs	2,131
Other assets	4,330
Total assets	$	122,209

Unearned premiums	$	27,893
Loss and loss adjustment expense reserves	44,377
Other liabilities2	9,514
Debt	8,386
Total liabilities	90,170
Shareholders’ equity	32,039
Total liabilities and shareholders’ equity	$	122,209


Common shares outstanding	584.4
Common shares repurchased in the current month	768,273
Average cost per common share	$	204.48
Book value per common share	$	54.82
Trailing 12-month return on average common shareholders’ equity
Net income	35.0		%
Comprehensive income	35.2		%
Net unrealized pretax gains (losses) on fixed-maturity securities	$	(578)
Increase (decrease) from the previous month	$	(1,297)
Increase (decrease) from December 2025	$	(726)
Debt-to-total capital ratio	20.7		%
Fixed-income portfolio duration	3.5
Weighted average credit quality	AA- .

1 As of March 31, 2026, we held certain hybrid securities and recognized a change in fair value of $2 million as a realized gain during the period we held these securities.

2 Includes $443 million of net unsettled security transactions classified in “other liabilities.”

3 Includes $6 billion, net of unsettled transactions, of investments in a consolidated, non-insurance subsidiary of the holding company.

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Monthly Commentary

•The companywide net premiums written growth rate for March is higher by about 3 percentage points due to February 28 being reported in March 2026, compared to February 2025, as a result of a nuance with our monthly closing process. Our first quarter 2026 growth rate is unaffected.

Events

Our first quarter Investor Relations conference call is currently scheduled to be held on Tuesday, May 5, 2026, at 9:30 a.m. eastern

time. This conference call, which will consist of both a conference call and audio-only webcast, is scheduled to last 60 minutes and

will consist of a question and answer session with Tricia Griffith, our CEO, and John Sauerland, our CFO. We plan to file our

Quarterly Report on Form 10-Q with the SEC on Monday, May 4, 2026. If the dates of our events, which are always subject to

change, are rescheduled, we will announce the change in a press release as soon as practical and publish it on our investor website.

Details regarding access to the conference call, or any event changes, will be available at: https://investors.progressive.com/events.

We plan to release April results on Wednesday, May 20, 2026, before the market opens.

About Progressive

Progressive Insurance® makes it easy to understand, buy and use car insurance, home insurance, and other protection needs. Progressive offers choices so consumers can reach us however it’s most convenient for them — online at progressive.com, by phone at 1-800-PROGRESSIVE, via the Progressive mobile app, or in-person with a local agent.

Progressive provides insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes; it is the second largest personal auto insurer in the country, a leading seller of commercial auto, motorcycle, and boat insurance, and one of the top 15 homeowners insurance carriers.

Founded in 1937, Progressive continues its long history of offering shopping tools and services that save customers time and money, like Name Your Price®, Snapshot®, and HomeQuote Explorer®.

The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, trade publicly at NYSE: PGR.

Regulation FD Disclosure Outlets

The Company disseminates information to the public about the Company, its products, services and other matters through various outlets in order to achieve broad, non-exclusionary, distribution of information to the public. These outlets include the Company’s website (progressive.com) and its investor relations website (investors.progressive.com). We encourage investors and others to review the information the Company makes public through these outlets, as such information distributed through these outlets may be considered to be material information.

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Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Investors are cautioned that certain statements in this report not based upon historical fact are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements often use words such as “estimate,” “expect,” “intend,” “plan,” “believe,” “goal,” “target,” “anticipate,” “will,” “could,” “likely,” “may,” “should,” and other words and terms of similar meaning, or are tied to future periods, in connection with a discussion of future operating or financial performance. Forward-looking statements are not guarantees of future performance, are based on current expectations and projections about future events, and are subject to certain risks, assumptions and uncertainties that could cause actual events and results to differ materially from those discussed herein. These risks and uncertainties include, without limitation, uncertainties related to:

•our ability to underwrite and price risks accurately and to charge adequate rates to policyholders;

•our ability to establish accurate loss reserves;

•the impact of severe weather, other catastrophe events, and climate change;

•the effectiveness of our reinsurance programs and the continued availability of reinsurance and performance by reinsurers;

•the secure and uninterrupted operation of the systems, facilities, and business functions and the operation of various third-party systems that are critical to our business;

•the impacts of a security breach or other attack involving our technology systems or the systems of one or more of our vendors;

•our ability to maintain a recognized and trusted brand and reputation;

•whether we innovate effectively and respond to our competitors’ initiatives;

•whether we effectively manage complexity as we develop and deliver products and customer experiences;

•the highly competitive nature of property-casualty insurance markets;

•whether we adjust claims accurately;

•compliance with complex and changing laws and regulations;

•the impact of misconduct or fraudulent acts by employees, agents, and third parties to our business and/or exposure to regulatory assessments;

•our ability to attract, develop, and retain talent and maintain appropriate staffing levels;

•litigation challenging our business practices, and those of our competitors and other companies;

•the success of our business strategy and efforts to acquire or develop new products or enter into new areas of business and our ability to navigate the related risks;

•how intellectual property rights affect our competitiveness and our business operations;

•the success of our development and use of new technology and our ability to navigate the related risks;

•the performance of our fixed-income and equity investment portfolios;

•the impact on our investment returns and strategies from regulations and societal pressures relating to sustainability and other public policy matters;

•our continued ability to access our cash accounts and/or convert investments into cash on favorable terms;

•the impact if one or more parties with which we enter into significant contracts or transact business fail to perform;

•legal restrictions on our insurance subsidiaries’ ability to pay dividends to The Progressive Corporation;

•our ability to obtain capital when necessary to support our business, our financial condition, and potential growth;

•evaluations and ratings by credit rating and other rating agencies;

•the variable nature of our common share dividend policy;

•whether our investments in certain tax-advantaged projects generate the anticipated returns;

•the impact from not managing to short-term earnings expectations in light of our goal to maximize the long-term value of the enterprise;

•the impacts of epidemics, pandemics, or other widespread health risks; and

•other matters described from time to time in our releases and publications, and in our periodic reports and other documents filed with the United States Securities and Exchange Commission, including, without limitation, the Risk Factors section of our Annual Report on Form 10-K for the year ending December 31, 2025.

Any forward-looking statements are made only as of the date presented. Except as required by applicable law, we undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or developments or otherwise.

In addition, investors should be aware that accounting principles generally accepted in the United States prescribe when a company may reserve for particular risks, including litigation exposures. Accordingly, results for a given reporting period could be significantly affected if and when we establish reserves for one or more contingencies. Also, our regular reserve reviews may result in adjustments of varying magnitude as additional information regarding claims activity becomes known. Reported results, therefore, may be volatile in certain accounting periods.

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