The Progressive Corporation (NYSE:PGR) released its monthly financial results for February 2026, demonstrating continued growth in its customer base and sustained underwriting profitability.
The insurer reported net income of $943 million for the month, a 2% increase compared to February 2025, resulting in earnings of $1.61 per share.
Growth was driven largely by the company's personal lines, with total policies in force (PIF) reaching 39.22 million, a 10% increase year-over-year.
The Direct auto segment remained a primary engine for this expansion, growing 14% to 16.38 million policies.
Net premiums written for the month rose 5% to $6.995 billion, while net premiums earned saw a more robust 8% increase, totaling $6.528 billion.
Underwriting performance remained healthy, though the company’s combined ratio—a key measure of insurance profitability where a lower number is better—rose 3.1 points to 85.7%.
While higher than the 82.6% reported in the same month last year, the figure remains well below the 100% threshold, signaling strong continued profitability in its core insurance operations.
On the investment front, Progressive saw a marked improvement in its securities portfolio.
Total pretax net realized losses on securities narrowed significantly to just $(5) million, compared to a $(110) million loss in February 2025.
This stabilization in investment outcomes, coupled with steady policy gains, has helped the company maintain a solid trajectory as it moves toward the end of the first quarter of 2026.