PROGRESSIVE REPORTS JUNE RESULTS (Form 8-K)

PROGRESSIVE REPORTS JUNE RESULTS

MAYFIELD VILLAGE, OHIO -- July 15, 2026 -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month and quarter ended June 30, 2026:

			June																		Quarter
(millions, except per share amounts and ratios; unaudited)			2026						2025						Change						2026						2025						Change
Net premiums written			$	6,772					$	6,605					3			%			$	21,077					$	20,076					5			%
Net premiums earned			$	7,100					$	6,954					2			%			$	21,573					$	20,310					6			%
Net income			$	779					$	1,124					(31)			%			$	3,311					$	3,175					4			%
Per share available to common shareholders			$	1.34					$	1.91					(30)			%			$	5.67					$	5.40					5			%
Total pretax net realized gains (losses) on securities			$	(13)					$	179					(107)			%			$	604					$	387					56			%
Combined ratio			90.0						86.6						3.4			pts.			87.3						86.2						1.1			pts.
Average diluted equivalent common shares			583.1						588.0						(1)			%			584.2						587.8						(1)			%

			June 30,
(thousands; unaudited)			2026						2025						% Change
Policies in Force
Personal Lines
Agency - auto			11,211						10,423						8
Direct - auto			16,721						15,245						10
Special lines			7,297						6,850						7
Property			3,631						3,608						1
Total Personal Lines			38,860						36,126						8
Commercial Lines			1,226						1,189						3
Total			40,086						37,315						7

Progressive offers personal and commercial insurance throughout the United States. Our Personal Lines business writes insurance for personal vehicles (auto and special lines products) and personal property insurance for homeowners and renters. Our Commercial Lines business writes auto-related liability and physical damage insurance, business-related general liability and commercial property insurance predominantly for small businesses, and workers' compensation insurance primarily for the transportation industry.

			Current Month						Comments on Monthly Results1
Net premiums written			$	6,772
Revenues:
Net premiums earned			$	7,100
Investment income			329
Net realized gains (losses) on securities:
Net realized gains (losses) on security sales			28
Net holding period gains (losses) on securities			(41)
Total net realized gains (losses) on securities			(13)
Fees and other revenues			104
Service revenues			48
Total revenues			7,568
Expenses:
Losses and loss adjustment expenses			4,937
Policy acquisition costs			519
Other underwriting expenses			1,037
Investment expenses			3
Service expenses			51
Interest expense			30
Total expenses			6,577
Income before income taxes			991
Provision for income taxes			212
Net income			779
Other comprehensive income (loss):
Changes in:
Total net unrealized gains (losses) on fixed-maturity securities			(120)
Foreign currency translation adjustment			(1)
Other comprehensive income (loss)			(121)
Total comprehensive income (loss)			$	658

1 For a description of our financial reporting and accounting policies as it applies to information contained throughout this release, see Note 1 to our 2025 audited consolidated financial statements included in our 2025 Shareholders' Report, which can be found at www.progressive.com/annualreport.

			Year-to-Date
			2026						2025
Net premiums written			$	44,718					$	42,282
Revenues:
Net premiums earned			$	42,541					$	39,719
Investment income			1,896						1,685
Net realized gains (losses) on securities:
Net realized gains (losses) on security sales			112						20
Net holding period gains (losses) on securities			372						155
Total net realized gains (losses) on securities			484						175
Fees and other revenues			602						590
Service revenues			274						244
Total revenues			45,797						42,413
Expenses:
Losses and loss adjustment expenses			28,399						26,409
Policy acquisition costs			3,105						2,967
Other underwriting expenses			6,057						5,408
Investment expenses			18						16
Service expenses			285						256
Interest expense			158						139
Total expenses			38,022						35,195
Income before income taxes			7,775						7,218
Provision for income taxes			1,646						1,476
Net income			6,129						5,742
Other comprehensive income (loss):
Changes in:
Total net unrealized gains (losses) on fixed-maturity securities			(949)						1,327
Net unrealized losses on forecasted transactions			0						1
Foreign currency translation adjustment			(1)						0
Other comprehensive income (loss)			(950)						1,328
Total comprehensive income (loss)			$	5,179					$	7,070

The following table sets forth the computation of per share results:
			June						Year-to-Date
			2026						2026						2025
Net income			$	779					$	6,129					$	5,742
Per common share:
Basic			$	1.34					$	10.49					$	9.80
Diluted			$	1.34					$	10.47					$	9.77
Comprehensive income (loss)			$	658					$	5,179					$	7,070
Per common share:
Diluted			$	1.13					$	8.84					$	12.03
Average common shares outstanding - Basic			581.8						584.3						586.1
Net effect of dilutive stock-based compensation			1.3						1.3						1.6
Total average equivalent common shares - Diluted			583.1						585.6						587.7

The following table sets forth the investment results for the period:
			June						Year-to-Date
			2026						2026						2025
Fully taxable equivalent (FTE) total return:
Fixed-income securities			0.2%						0.9%						4.3%
Common stocks			(0.3)%						10.6%						5.3%
Total portfolio			0.2%						1.3%						4.3%
Pretax annualized investment income book yield			4.2%						4.2%						4.2%

Current Month
			Personal Lines Business																								Commercial
			Vehicles																								Lines						Companywide
			Agency						Direct						Property1						Total						Business						Total
Net Premiums Written			$	2,458					$	3,238					$	297					$	5,993					$	777					$	6,772
% Growth in NPW			0%						5%						4%						3%						1%						3%
Net Premiums Earned			$	2,507					$	3,451					$	258					$	6,216					$	884					$	7,100
% Growth in NPE			0%						6%						2%						3%						(6)%						2%
GAAP Ratios
Loss/LAE ratio			70.5						72.1						35.2						69.8						66.6						69.5
Expense ratio			18.6						20.3						30.4						20.1						23.5						20.5
Combined ratio			89.1						92.4						65.6						89.9						90.1						90.0
Net catastrophe loss ratio2			2.4												8.9						2.6						0.6						2.4
Actuarial Adjustments3
Reserve Decrease/(Increase)
Prior accident years																																	$	56
Current accident year																																	52
Calendar year actuarial adjustment			$	19					$	30					$	14					$	63					$	45					$	108
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment																																	$	56
All other development																																	180
Total development																																	$	236
Calendar year loss/LAE ratio																																	69.5
Accident year loss/LAE ratio																																	72.8

1 Loss/LAE and combined ratios include a favorable 11.7 point impact related to an actuarial methodology process change, which impacted our incurred but not reported loss and loss adjustment expense reserves for our property products. The resulting one-time adjustment will not have an impact on future periods.

2 Represents catastrophe losses incurred during the period, including development on prior events and the impact of reinsurance, if any, as a percent of net premiums earned.

3 Represents adjustments solely based on our normally scheduled actuarial reviews. For our Personal Lines property business, the actuarial reserving methodology includes changes to catastrophe losses, while the reviews in our personal and commercial vehicle businesses do not include catastrophes.

Year-to-Date
			Personal Lines Business																								Commercial
			Vehicles																								Lines						Companywide
			Agency						Direct						Property						Total						Business						Total
Net Premiums Written			$	15,482					$	21,183					$	1,549					$	38,214					$	6,498					$	44,718
% Growth in NPW			4%						9%						(2)%						6%						3%						6%
Net Premiums Earned			$	15,112					$	20,605					$	1,547					$	37,264					$	5,274					$	42,541
% Growth in NPE			5%						12%						0%						9%						(3)%						7%
GAAP Ratios
Loss/LAE ratio			66.4						68.6						48.4						66.9						65.3						66.7
Expense ratio			18.2						20.4						29.7						19.9						21.8						20.2
Combined ratio			84.6						89.0						78.1						86.8						87.1						86.9
Net catastrophe loss ratio1			2.3												13.0						2.7						0.4						2.4
Actuarial Adjustments2
Reserve Decrease/(Increase)
Prior accident years																																	$	283
Current accident year																																	145
Calendar year actuarial adjustment			$	115					$	173					$	36					$	324					$	104					$	428
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment																																	$	283
All other development																																	719
Total development																																	$	1,002
Calendar year loss/LAE ratio																																	66.7
Accident year loss/LAE ratio																																	69.1

1 Represents catastrophe losses incurred during the year, including development on prior events and the impact of reinsurance, as a percent of net premiums earned.

2 Represents adjustments solely based on our normally scheduled actuarial reviews. For our Personal Lines property business, the actuarial reserving methodology includes changes to catastrophe losses, while the reviews in our personal and commercial vehicle businesses do not include catastrophes.

			June 30, 2026
CONDENSED GAAP BALANCE SHEET:
Investments, at fair value:
Available-for-sale securities:
Fixed maturities1 (amortized cost: $91,485)			$	90,435
Short-term investments (amortized cost: $1,978)			1,978
Total available-for-sale securities			92,413
Equity securities:
Nonredeemable preferred stocks (cost: $292)			276
Common equities (cost: $870)			4,532
Total equity securities			4,808
Total investments2, 3			97,221
Net premiums receivable			17,106
Reinsurance recoverables (including $3,666 on unpaid loss and LAE reserves)			3,919
Deferred acquisition costs			2,211
Other assets			4,468
Total assets			$	124,925
Unearned premiums			$	27,401
Loss and loss adjustment expense reserves			45,567
Other liabilities2			9,237
Debt			8,387
Total liabilities			90,592
Shareholders' equity			34,333
Total liabilities and shareholders' equity			$	124,925
Common shares outstanding			581.4
Common shares repurchased in the current month			845,952
Average cost per common share			$	201.16
Book value per common share			$	59.05
Trailing 12-month return on average common shareholders' equity
Net income			34.7		%
Comprehensive income			32.5		%
Net unrealized pretax gains (losses) on fixed-maturity securities			$	(1,053)
Increase (decrease) from the previous month			$	(152)
Increase (decrease) from December 2025			$	(1,201)
Debt-to-total capital ratio			19.6		%
Fixed-income portfolio duration			3.5
Weighted average credit quality			AA- .

1 As of June 30, 2026, we held certain hybrid securities and recognized a change in fair value of $3 million as a realized gain during the period we held these securities.

2 Includes $568 million of net unsettled security transactions classified in "other liabilities."

3 Includes $7 billion, net of unsettled transactions, of investments in a consolidated, non-insurance subsidiary of the holding company.

Monthly Commentary

•The company has no additional commentary regarding June's results.

Events

Our second quarter Investor Relations conference call is currently scheduled to be held on Tuesday, August 4, 2026, at 9:30 a.m. eastern time. This event, which will consist of both a conference call and webcast, is scheduled to last 90 minutes and will begin with an approximate 45-minute presentation on our Robinsons consumer segment, followed by a question and answer session with Tricia Griffith, our CEO, and Andrew Quigg, our CFO. We plan to file our Quarterly Report on Form 10-Q with the SEC on Monday, August 3, 2026. If the dates of our events, which are always subject to change, are rescheduled, we will announce the change in a press release as soon as practical and publish it on our investor website. Details regarding access to the conference call, or any event changes, will be available at: https://investors.progressive.com/events.

We plan to release July results on Wednesday, August 19, 2026, before the market opens.

About Progressive

Progressive Insurance® makes it easy to understand, buy and use car insurance, home insurance, and other protection needs. Progressive offers choices so consumers can reach us however it's most convenient for them - online at progressive.com, by phone at 1-800-PROGRESSIVE, via the Progressive mobile app, or in-person with a local agent.

Progressive provides insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes; it is a leading seller of personal auto, commercial auto, motorcycle, and boat insurance, and one of the top 15 homeowners insurance carriers in the United States.

Founded in 1937, Progressive continues its long history of offering shopping tools and services that save customers time and money, like Name Your Price®, Snapshot®, and HomeQuote Explorer®.

The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, trade publicly at NYSE: PGR.

Regulation FD Disclosure Outlets

The Company disseminates information to the public about the Company, its products, services and other matters through various outlets in order to achieve broad, non-exclusionary, distribution of information to the public. These outlets include the Company's website (progressive.com) and its investor relations website (investors.progressive.com). We encourage investors and others to review the information the Company makes public through these outlets, as such information distributed through these outlets may be considered to be material information.