The Progressive Corporation reported a 36% increase in net income to $1,445 million for the month ended May 31, 2026, compared to $1,065 million in the same period last year. The growth was driven by a 6% rise in net premiums written, which reached $7,027 million, and an improvement in underwriting profitability. The combined ratio, a key measure of insurer profitability, improved by 4.8 points to 82.1 from 86.9 in May 2025.

Net premiums earned increased 10% to $7,361 million, reflecting the growth in the company's insurance portfolio. Income per share available to common shareholders rose 36% to $2.47, up from $1.81 in the prior year. Total pretax net realized gains on securities were $215 million, slightly higher than the $211 million recorded in May 2025. Average diluted equivalent common shares decreased 1% to 584.2 million from 587.7 million in the prior year.

The company's policies in force grew 8% to 39,970 thousand as of May 31, 2026, up from 37,002 thousand a year earlier. Personal Lines policies increased 8% to 38,753 thousand, driven by growth in Direct – auto and Agency – auto segments. Commercial Lines policies rose 3% to 1,217 thousand.

Financial Performance (May 2026 vs May 2025)

Policies in Force (Thousands)

The Progressive Corporation announced that Pat Callahan intends to retire from his role as Personal Lines President in January 2027 after almost 24 years with the company. Mr. Callahan will continue to serve in his current role until his retirement and will advise the company on a part-time basis afterward. The company will conduct an internal search for his successor.

To support the transition, Lori Niederst, currently CRM President, will move into the newly created role of Chief Personal Lines Officer, overseeing Personal Lines and CRM operations. Heather Day, currently General Manager, Customer Experience Strategy in the CRM organization, will assume the role of CRM President in July.

Tricia Griffith, Chief Executive Officer of The Progressive Corporation, highlighted Mr. Callahan's contributions to the company's growth to an $80 billion valuation and his role in achieving a 96 combined ratio. She expressed confidence in Ms. Niederst's experience, noting her previous roles as CRM President and Chief Human Resources Officer, and her tenure in HR roles within Claims.

The management changes are part of Progressive's focus on employee growth and development, which the company states ensures a strong bench of talent for senior leadership transitions. The Progressive Corporation is based in Mayfield Village, Ohio, and its common shares trade on the NYSE under the ticker PGR.

Management Transition Details