Progressive Corporation has posted April 2026 results showing net income of $1.09 billion, up 10% from $986 million a year earlier, as the US auto and home insurance carrier kept expanding its policy base across personal and commercial lines even as severe storm activity weighed on margins.
Earnings per share rose 11% to $1.86, against $1.68 in April 2025. Net premiums written advanced 6% to $7.28 billion, while net premiums earned climbed 7% to $7.11 billion.
The April reading builds on a first-quarter print in which Progressive booked net income of nearly $2.8 billion, net premiums written of around $23.6 billion (up 6%), and a Q1 combined ratio of 86.4 — slightly above the 86.0 recorded a year earlier.
March alone delivered net income of $712 million, up 36% year on year, on an 88.8 combined ratio — making April's 90.2 ratio a clear month-on-month step up tied to storm activity.
The April combined ratio came in at 90.2, 5.3 points higher than the 84.9 posted in the same month last year. Progressive attributed the increase to catastrophe losses tied mainly to hail and thunderstorm activity across the United States, which drove a companywide net catastrophe loss ratio of 7.0.
The personal property segment absorbed the heaviest hit, registering a net catastrophe loss ratio of 28.9 and a combined ratio of 101.3.
On the auto side, Agency posted a combined ratio of 87.9 and Direct came in at 90.7, while Commercial Lines landed at 90.4.
Total policies in force reached 39.77 million as of April 30, an 8% rise from 36.65 million a year earlier. Direct auto led the way with an 11% gain to 16.6 million policies, followed by Agency auto at 11.1 million, up 8%.
Special lines grew 7% to 7.17 million, property policies edged up 1% to 3.64 million, and Commercial Lines rose 3% to 1.21 million.
For the four months ended April 30, net income totaled $3.91 billion, against $3.55 billion in the comparable 2025 period. Year-to-date net premiums written hit $30.92 billion, up 6%, while net premiums earned reached $28.08 billion, up 8%.
The year-to-date combined ratio stood at 87.4. Progressive logged $540 million in favorable prior accident year development through April, including a $146 million actuarial adjustment.
On the investment side, total pretax net realized gains on securities came in at $402 million for April, a swing from a $3 million loss a year earlier. The total investment portfolio returned 0.6% on a fully taxable equivalent basis for the month, with common stocks up 10.1% and fixed-income securities returning 0.2%.
The pretax annualized investment income book yield was 4.2%. Progressive also repurchased 956,615 common shares during April at an average cost of $200.60 per share, with the debt-to-total capital ratio at 20.3%.
