PROGRESSIVE CORP/OH/ (Form: 8-K, Received: 08/19/2026 09:08:27)

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) August 19, 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 7.01 Regulation FD Disclosure.

On August 19, 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 July 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:

August 19, 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 August 1 9 , 2026, containing financial results of The Progressive Corporation and its consolidated subsidiaries for the month and year-to-date periods ended Ju ly 3 1 , 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.									Julianna Paterra, CFA
Mayfield Village, Ohio 44143									(719) 432-2509
http://www.progressive.com									investor_relations@progressive.com

PROGRESSIVE REPORTS JULY RESULTS

MAYFIELD VILLAGE, OHIO -- August 19, 2026 -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month ended July 31, 2026:


	July
(millions, except per share amounts and ratios; unaudited)	2026		2025		Change
Net premiums written	$	7,441	$	7,057	5	%
Net premiums earned	$	7,355	$	6,986	5	%
Net income	$	961	$	1,090	(12)	%
Per share available to common shareholders	$	1.65	$	1.85	(11)	%
Total pretax net realized gains (losses) on securities	$	(47)	$	79	(159)	%
Combined ratio	86.8		85.3		1.5	pts.
Average diluted equivalent common shares	582.9		588.2		(1)	%


	July 31,
(thousands; unaudited)	2026	2025	% Change
Policies in Force
Personal Lines
Agency – auto	11,282	10,510	7
Direct – auto	16,800	15,392	9
Special lines	7,351	6,915	6
Property	3,635	3,622	0
Total Personal Lines	39,068	36,439	7
Commercial Lines	1,236	1,194	4
Total	40,304	37,633	7

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 July 31, 2026

(millions)

(unaudited)


	Current Month		Comments on Monthly Results1
Net premiums written	$	7,441

Revenues:
Net premiums earned	$	7,355
Investment income	337
Net realized gains (losses) on securities:
Net realized gains (losses) on security sales	5
Net holding period gains (losses) on securities	(52)

Total net realized gains (losses) on securities	(47)
Fees and other revenues	104
Service revenues	49
Total revenues	7,798

Expenses:
Losses and loss adjustment expenses	4,880
Policy acquisition costs	538
Other underwriting expenses	1,069

Investment expenses	4
Service expenses	51
Interest expense	29
Total expenses	6,571

Income before income taxes	1,227
Provision for income taxes	266
Net income	961

Other comprehensive income (loss):
Changes in:
Total net unrealized gains (losses) on fixed-maturity securities	(515)

Foreign currency translation adjustment	1
Other comprehensive income (loss)	(514)
Total comprehensive income (loss)	$	447

1 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 July 31,

(millions)

(unaudited)


	Year-to-Date
	2026		2025
Net premiums written	$	52,159	$	49,339

Revenues:
Net premiums earned	$	49,896	$	46,705
Investment income	2,233		1,989
Net realized gains (losses) on securities:
Net realized gains (losses) on security sales	117		25
Net holding period gains (losses) on securities	320		229

Total net realized gains (losses) on securities	437		254
Fees and other revenues	706		694
Service revenues	323		289
Total revenues	53,595		49,931

Expenses:
Losses and loss adjustment expenses	33,279		30,927
Policy acquisition costs	3,643		3,489
Other underwriting expenses	7,126		6,430

Investment expenses	22		19
Service expenses	336		303
Interest expense	187		163
Total expenses	44,593		41,331

Income before income taxes	9,002		8,600
Provision for income taxes	1,912		1,768
Net income	7,090		6,832

Other comprehensive income (loss):
Changes in:
Total net unrealized gains (losses) on fixed-maturity securities	(1,464)		1,030
Net unrealized losses on forecasted transactions	0		1

Other comprehensive income (loss)	(1,464)		1,031
Total comprehensive income (loss)	$	5,626	$	7,863

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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 July 31,

(millions – except per share amounts)

(unaudited)


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

Net income	$	961	$	7,090	$	6,832
Per common share:
Basic	$	1.65	$	12.14	$	11.65
Diluted	$	1.65	$	12.12	$	11.62

Comprehensive income (loss)	$	447	$	5,626	$	7,863
Per common share:
Diluted	$	0.77	$	9.61	$	13.37

Average common shares outstanding - Basic	581.4		583.9		586.2
Net effect of dilutive stock-based compensation	1.5		1.3		1.9
Total average equivalent common shares - Diluted	582.9		585.2		588.1


The following table sets forth the investment results for the period:
	July	Year-to-Date
	2026	2026	2025
Fully taxable equivalent (FTE) total return:
Fixed-income securities	(0.4)%	0.5%	4.2%
Common stocks	(0.1)%	10.5%	7.7%
Total portfolio	(0.4)%	0.9%	4.3%

Pretax annualized investment income book yield	4.3%	4.2%	4.2%

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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

For the month ended July 31, 2026

($ in millions)

(unaudited)


Current Month
	Personal Lines Business								Commercial
	Vehicles								Lines		Companywide
	Agency		Direct		Property		Total		Business		Total
Net Premiums Written	$	2,636	$	3,761	$	287	$	6,684	$	756	$	7,441
% Growth in NPW	3%		7%		6%		5%		7%		5%
Net Premiums Earned	$	2,605	$	3,564	$	266	$	6,435	$	918	$	7,355
% Growth in NPE	4%		9%		3%		6%		(1)%		5%

GAAP Ratios
Loss/LAE ratio	65.5		67.8		51.0		66.1		67.6		66.3
Expense ratio	18.1		21.1		28.6		20.2		22.0		20.5
Combined ratio	83.6		88.9		79.6		86.3		89.6		86.8
Net catastrophe loss ratio1	1.9				10.9		2.3		0.7		2.1

Actuarial Adjustments2
Reserve Decrease/(Increase)
Prior accident years											$	89
Current accident year											33
Calendar year actuarial adjustment	$	56	$	48	$	8	$	112	$	10	$	122

Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment											$	89
All other development											171
Total development											$	260

Calendar year loss/LAE ratio											66.3
Accident year loss/LAE ratio											69.8

1 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.

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

SUPPLEMENTAL INFORMATION

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

($ in millions)

(unaudited)


Year-to-Date
	Personal Lines Business								Commercial
	Vehicles								Lines		Companywide
	Agency		Direct		Property		Total		Business		Total
Net Premiums Written	$	18,118	$	24,944	$	1,836	$	44,898	$	7,254	$	52,159
% Growth in NPW	3%		9%		(1)%		6%		4%		6%
Net Premiums Earned	$	17,717	$	24,169	$	1,813	$	43,699	$	6,192	$	49,896
% Growth in NPE	5%		12%		0%		8%		(3)%		7%

GAAP Ratios
Loss/LAE ratio	66.3		68.5		48.8		66.7		65.6		66.7
Expense ratio	18.2		20.5		29.6		20.0		21.9		20.2
Combined ratio	84.5		89.0		78.4		86.7		87.5		86.9
Net catastrophe loss ratio1	2.2				12.7		2.7		0.4		2.4

Actuarial Adjustments2
Reserve Decrease/(Increase)
Prior accident years											$	372
Current accident year											178
Calendar year actuarial adjustment	$	171	$	221	$	44	$	436	$	114	$	550

Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment											$	372
All other development											890
Total development											$	1,262

Calendar year loss/LAE ratio											66.7
Accident year loss/LAE ratio											69.2

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.

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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES

BALANCE SHEET AND OTHER INFORMATION

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

(unaudited)


	July 31, 2026
CONDENSED GAAP BALANCE SHEET:
Investments, at fair value:
Available-for-sale securities:
Fixed maturities1 (amortized cost: $92,938)	$	91,233
Short-term investments (amortized cost: $1,911)	1,911
Total available-for-sale securities	93,144
Equity securities:
Nonredeemable preferred stocks (cost: $292)	275
Common equities (cost: $871)	4,523
Total equity securities	4,798
Total investments2	97,942
Net premiums receivable	17,030
Reinsurance recoverables (including $3,642 on unpaid loss and LAE reserves)	3,882
Deferred acquisition costs	2,239
Other assets	4,570
Total assets	$	125,663

Unearned premiums	$	27,491
Loss and loss adjustment expense reserves	45,772
Other liabilities2	9,354
Debt	8,388
Total liabilities	91,005
Shareholders’ equity	34,658
Total liabilities and shareholders’ equity	$	125,663


Common shares outstanding	581.1
Common shares repurchased in the current month	650,241
Average cost per common share	$	209.46
Book value per common share	$	59.64
Trailing 12-month return on average common shareholders’ equity
Net income	34.2		%
Comprehensive income	31.3		%
Net unrealized pretax gains (losses) on fixed-maturity securities	$	(1,704)
Increase (decrease) from the previous month	$	(651)
Increase (decrease) from December 2025	$	(1,852)
Debt-to-total capital ratio	19.5		%
Fixed-income portfolio duration	3.5
Weighted average credit quality	AA- .

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

2 Includes $470 million of net unsettled security transactions classified in “other liabilities.”

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Monthly Commentary

•The company has no additional commentary regarding July’s results.

Events

We plan to release August results on Friday, September 18, 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 a leading seller of personal auto, commercial auto, motorcycle, and boat insurance, and one of the top 15 homeowners insurance carriers in the United States.

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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