Progressive falls as June slowdown overshadows Q2 profit rise

The Progressive

15/07/2026 17:08

** Shares of insurer Progressive PGR.N fall 7% to $210.45
** PGR reports Q2 net income of $3.3 billion, or $5.67 per share, vs $3.2 billion, or $5.40 per share, a year earlier
** Companywide policies-in-force (PIF) growth more than halved year-over-year in June — slowing to 7% from 15% 
** For June, PGR's net income fell 31% to $779 million and combined ratio rose to 90% from 86.6%
** Analyst have flagged that PIF growth has slowed and per policy written premium was lower for the quarter 
** "We still see limited upside in the stock until growth returns, which is highly a function of industry pricing that we do not expect to invert soon given still-strong industry margins," Oppenheimer analyst Michael Phillips said in a note
** Including session's move, stock down 7.5% YTD

 (Reporting by Pragyan Kalita in Bengaluru)
 ((Pragyan.Kalita@thomsonreuters.com))