Progressive Corporation, the largest private auto insurer in the US by trailing-12-month premiums, reported second-quarter and June 2026 results as continued policy growth ran alongside softening underwriting margins.
The insurer posted a 5% rise in net premiums written for the second quarter of 2026. The figure reached $21.08 billion, against $20.08 billion a year earlier. Net premiums earned climbed 6% to $21.57 billion, as the carrier continued to expand its policy base across personal and commercial lines.
The quarterly result extended a run of premium volume growth that has characterized Progressive's personal auto business over the past two years. Year-to-date net premiums written through June 30 reached $44.69 billion, up from $42.27 billion in the first half of 2025.
The company's combined ratio for June came in at 90.0, a 3.4-point deterioration from the 86.6 posted in June 2025. For the full second quarter, the combined ratio was 87.3, up 1.1 points from 86.2 in Q2 2025. Both readings remained within profitable underwriting territory.
The June reading tracks a pattern common across US property and casualty carriers. Severe weather in the second quarter routinely pushes monthly combined ratios above the quarterly average. Progressive had already flagged property catastrophe exposure in its April 2026 results, when the companywide net catastrophe loss ratio reached 7.0.
The year-to-date combined ratio through June 30 stood at 86.9, well below Progressive's stated goal of keeping the calendar-year figure below 96. Net income for the second quarter rose 4% to $3.31 billion, from $3.18 billion in Q2 2025. June alone saw net income fall 31% to $779 million, from $1.12 billion a year earlier.
Pretax net realized gains on securities for Q2 totaled $604 million, up 56% from $387 million in Q2 2025. June recorded a pretax net realized loss of $13 million, compared with a $179 million gain in the same month of 2025.
Total policies in force reached 40.09 million as of June 30, a 7% increase from 37.32 million a year earlier. Personal lines accounted for 38.86 million of those policies, up 8% year over year. Direct auto led growth with a 10% gain to 16.72 million policies, while agency auto rose 8% to 11.21 million.
Special lines grew 7% to 7.30 million policies. Property policies edged up 1% to 3.63 million, a segment that has faced elevated catastrophe loss pressure in prior months. Commercial lines policies increased 3% to 1.23 million, with year-to-date net premiums written in that segment up 3% to approximately $6.5 billion.
Net income for the first half of 2026 reached $6.13 billion, with a year-to-date combined ratio of 86.9. Progressive is scheduled to hold its Q2 investor call on August 4.
