The Progressive Corporation’s PGR first-quarter 2026 earnings per share of $4.96 beat the Zacks Consensus Estimate by 2.5%. The bottom line increased 6.7% year over year.
The Progressive Corporation Price, Consensus and EPS Surprise
The Progressive Corporation price-consensus-eps-surprise-chart | The Progressive Corporation Quote
Behind the Headlines
Net premiums written were $23.6 billion in the quarter, up 6.5% from $22.2 billion a year ago.
Net premiums earned grew 8% to $20.9 billion. The reported figure beat the Zacks Consensus Estimate by 1.5%.
Operating revenues grew 8.2% year over year to $22.3 billion, driven by 8% higher net premiums earned, a 12.7% increase in net investment income, a 3.5% rise in fees and other revenues, and 13.5% higher service revenue. The top line missed the Zacks Consensus Estimate by 1.2%.
Total expenses rose 8.4% to $18.6 billion, attributable to 8% higher losses and loss adjustment expenses, a 5.6% increase in policy acquisition costs, a 12.1% rise in other underwriting expenses, and a 12% increase in service expenses.
Net realized loss on securities was $120 million, narrower than the loss of $212 million in the year-ago quarter.
Combined ratio — the percentage of premiums paid out as claims and expenses — deteriorated 40 basis points (bps) from the prior-year quarter’s level to 86.4.
March Policies in Force
Policies in force were solid in the Personal Lines segment, up 9% from the year-ago month’s figure to 38.3 million. Special Lines improved 7% to 7.1 million.
In the Personal Auto segment, Agency Auto increased 9% year over year to 11 million, while Direct Auto increased 12% to 16.5 million.
Progressive’s Commercial Auto segment policies rose 3% year over year to 1.2 million. The Property business had 3.6 million policies in force, up 2%.
Financial Update
Progressive’s book value per share was $54.82 as of March 30, 2026, up 11% from $49.39 as of March 30, 2025.
Return on equity in March 2026 was 35.2%, down from 39.3% reported in the year-ago period. The total debt-to-total capital ratio deteriorated 150 bps to 20.7.
Zacks Rank
Progressive currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
The Travelers Companies, Inc. TRV is scheduled to report first-quarter 2025 results on April 16, before market open. The Zacks Consensus Estimate for first-quarter earnings per share is pegged at $6.89, suggesting an increase of 260.7% from the year-ago quarter’s reported figure.
TRV’s earnings beat estimates in each of the last four reported quarters.
RLI Corp. RLI is slated to report first-quarter 2025 results on April 22, after market close. The Zacks Consensus Estimate for first-quarter earnings per share is pegged at 85 cents, suggesting a decrease of 7.6% from the year-ago quarter’s reported figure.
RLI’s earnings beat estimates in each of the last four reported quarters.
W.R. Berkley Corporation WRB is set to report first-quarter 2025 results on April 21, after market close. The Zacks Consensus Estimate for first-quarter earnings per share is pegged at $1.13, suggesting an increase of 11.8% from the year-ago quarter’s reported figure.
WRB’s earnings beat estimates in three of the last four quarters, while missing in one.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in the coming year. While not all picks can be winners, previous recommendations have soared +112%, +171%, +209% and +232%.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>RLI Corp. (RLI) : Free Stock Analysis Report
The Travelers Companies, Inc. (TRV) : Free Stock Analysis Report
W.R. Berkley Corporation (WRB) : Free Stock Analysis Report
The Progressive Corporation (PGR) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
