Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
Rate cuts met costlier claims, and the margin gave way
Claims costs grew 10.9% while revenue grew 3.0%, so pricing for growth is now being paid for in losses.
For investorsHow long can price cuts run ahead of rising claim costs?
For foundersGrowing to a profit rule instead of a growth target
Investment income rose to $1,035M from $924M as invested assets grew, cushioning a weaker underwriting quarter.
Comprehensive income was $645M against net income of $2.54B, a gap from bond prices, not from the business.
Only 9% of agency personal auto policies run a full year, so new rates reach most of the book fast.
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Business Lens describes Progressive Corporation from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
