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Progressive PGR Underwriting operations — Combined ratio

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Other financials

Income statement

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Revenue$22.2B+8.7%
Net income$3.3B+4.3%
EPS (diluted)$4.80+9.8%

Balance sheet

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Cash & equivalents$162.0M-16.9%
Total debt$8.4B+21.6%
Total equity$34.3B+5.3%
Total assets$124.93B+8.2%

Cash flow

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Operating cash flow$4.4B-15.1%
CapEx$63.0M+6.8%
Free cash flow$4.3B-15.3%

Valuation

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Market cap$125.19B-13.7%
P/E10.7×-3.2×

Profitability

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Net margin12.9%+1.8pp
FCF margin18.4%-1.7pp

Returns & leverage

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Return on equity34.9%-2.4pp
Debt / equity0.2×0.0×

Where this comes from

Reported directly by Progressive in its filing.

Tagged under the XBRL concept us-gaap:CombinedRatio.

The source filing: Progressive’s 10-Q, filed May 4, 2026.

Filed
May 4, 2026, 9:59 AM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0000080661-26-000177
Line itemThree Months Ended March 31, / Underwriting Margin2025 / Combined RatioUnderwriting MarginCombined Ratio
Personal Lines14.0%86.014.3%85.7
Commercial Lines11.089.012.587.5
Total underwriting operations13.686.414.086.0

Item 1. Financial Statements.

FAQ

What is Progressive's underwriting operations — combined ratio?
Progressive (PGR) reported underwriting operations — combined ratio of 86.4% in Q1 2026.
How has Progressive's underwriting operations — combined ratio changed year-over-year?
Progressive's underwriting operations — combined ratio increased by 0.5% year-over-year, from 86% to 86.4%.
What does underwriting operations — combined ratio mean?
The combined ratio is a key measure of insurance underwriting profitability, calculated as the sum of the loss ratio and the expense ratio. A ratio below 100% indicates an underwriting profit, while a ratio above 100% indicates an underwriting loss.

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