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# Progressive's September Net Income Hits $630 Million, Up From $305 Million, As Quarter Profit Dips 3%
- URL: https://www.bullished.co/progressives-september-net-income-hits-630-million-up-from-305-million-as-quarter-profit-7951368c/
- Published: 2026-10-14T13:06:10.000Z
- Updated: 2026-10-28T21:46:01.000Z
- Description: Third-quarter net income was $2,542 million versus $2,615 million, while policies in force rose 6% to 40.5 million.
- Author: Matteo Parrino
- Tags: Earnings, PGR, Industry: Financials

Progressive's September net income more than doubled to [$630 million](https://www.sec.gov/Archives/edgar/data/0000080661/000008066126000367/pgr-20261014.htm?ref=bullished.co) from $305 million a year earlier, according to an [8-K](https://www.bullished.co/learn/8-k-items-explained/) filed Wednesday. For the full third quarter, net income slipped 3% to $2,542 million from $2,615 million.

## What the results show

Per share, September earnings were $1.08 against $0.52\. The quarter came in at [$4.37 per share](https://www.sec.gov/Archives/edgar/data/0000080661/000008066126000367/pgr202609ex99earningsrelea.htm?ref=bullished.co), versus $4.45 a year earlier, a 2% decline.

Underwriting stayed profitable. The combined ratio, where a reading under 100 means insurance operations made money, was 88.7 for the quarter against 89.5\. September's was 90.0 against 100.4.

Pretax realized losses on securities were $170 million for the quarter, versus a $295 million gain a year earlier. For September alone, the line was a $231 million loss against a $138 million gain. The release does not tie the quarterly profit decline to those figures.

Net premiums written rose 4% in the quarter to $22,301 million, and net premiums earned rose 5% to $21,869 million.

## Growth, investments and the balance sheet

Total policies in force reached 40.5 million at September 30, up 6% from 38.1 million. Direct auto grew 8% to 16.8 million policies, agency auto rose 7% to 11.3 million, and property was flat at 3.7 million.

The company's total investment portfolio returned negative 1.5% in September, and 0.3% negative for the first nine months of 2026, versus a 6.1% gain in the same period of 2025\. For those nine months, net income was $8,671 million against $8,357 million.

Shareholders' equity was $34,485 million, and book value was $59.51 per common share. Progressive repurchased 969,262 shares in September at an average cost of $207.92.

Shares traded 4.89% lower at $211.98 in Wednesday pre-market trading, versus Tuesday's close of $222.88.

## What to watch

Progressive plans to file its 10-Q on Monday, November 2\. Its third-quarter investor call, with CEO Tricia Griffith and CFO Andrew Quigg, is scheduled for Tuesday, November 3, at 9:30 a.m. Eastern.

October results are due Wednesday, November 18, before the market opens.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — PROGRESSIVE CORP/OH/ (PGR)](https://www.sec.gov/Archives/edgar/data/0000080661/000008066126000367/pgr-20261014.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit pgr202609ex99earningsrelea.htm — PROGRESSIVE CORP/OH/ 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000080661/000008066126000367/pgr202609ex99earningsrelea.htm?ref=bullished.co) — SEC EDGAR