Progressive now has about 16.8 million direct auto insurance policies in force, up 8% from a year ago, and the company earned $2.54 billion in the third quarter. Profit was still 3% lower than the same quarter last year, even as the insurer added customers. The release says nothing about car insurance rates.
The figures were released October 14 in a filing with the Securities and Exchange Commission.
More policies, slightly less profit
Net income was $2,542 million in the quarter, against $2,615 million in 2025, a decline of 3%, the company’s release shows. Earnings per share available to common shareholders were $4.37, down 2% from $4.45. Net premiums written, the premiums on policies sold in the period, rose 4% to $22,301 million from $21,384 million, an increase of $917 million. Net income, meanwhile, fell by $73 million.
In plain terms, Progressive wrote more business and kept slightly less of the profit. The combined ratio, which measures claims and expenses against premiums, was 88.7 against 89.5 a year earlier. A lower number means the insurer kept more of each premium dollar after paying claims and costs. In this case it improved by 0.8 points.
Will Progressive’s profits mean lower car insurance rates?
The release does not say. It includes no commentary on rates, pricing or advertising, and its only comment on the results is that “the company has no additional commentary regarding September’s results.” Net premiums written grew 4% while auto policies in force grew 7% to 8%, so total premiums grew more slowly than the auto customer count. The release does not break out the average premium per policy.
A driver paying Progressive today cannot tell from this filing whether a lower rate is coming. The government’s price data, covered below, does show car insurance prices lower than a year ago.
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Direct, agency and the other policy lines
Progressive sells auto insurance two ways. Direct auto policies in force were 16,848 thousand at September 30, up 8% from 15,619 thousand a year earlier. Agency auto, which is sold through independent insurance agents, was 11,347 thousand, up 7%.
Together, that is about 28.2 million personal auto policies in force. Property policies, which cover homeowners and similar lines, were 3,652 thousand, essentially flat. Commercial Lines policies were 1,252 thousand, up 5%.
In a year, Progressive added about 1.2 million direct auto policies, the difference between 16,848 thousand and 15,619 thousand. The split shows where growth is coming from. Auto is growing at 7% to 8%, commercial lines at 5% and homeowners not at all. Progressive’s growth is a car insurance story, as its direct and agency channels both added policies at similar rates.
Car insurance prices, and where the next answers will come from
The Bureau of Labor Statistics reported on October 14 that the consumer price index rose 3.7% over the 12 months ending in September. Its detailed table puts the motor vehicle insurance index at 5.0% lower than in September 2025, before seasonal adjustment. Seasonally adjusted, the index rose 0.1% from August to September.
Car repair is moving the other way. The same table shows motor vehicle maintenance and repair up 5.8% over 12 months and up 0.7% from August to September. Insurance prices have fallen year over year while the cost of fixing a car has climbed.
Those are national averages across all urban consumers. They do not say what a particular Progressive customer is charged. Progressive’s release gives no statement on its own pricing.
Policies in force are the policies active on the reporting date. They differ from premiums written, which count the money billed over the period. Progressive reports both, and in this quarter premiums grew about half as fast as auto policies.
Progressive has scheduled its third-quarter investor conference call for November 3, 2026. Tricia Griffith, the chief executive, and Andrew Quigg, the chief financial officer, are named as participants. The release does not include a quote from either of them. They are the people who can say whether the company’s customers are seeing the 5.0% decline in the insurance price index, and investors and drivers alike will be listening for that answer.
That call is the first chance for investors, and for anyone reading about rates, to hear how the company explains its profit and its policy growth.
The open question for a Progressive customer is the renewal price. The company shows growth in policies and a better combined ratio but says nothing about whether that will turn into lower rates. The government’s index says car insurance prices fell 5.0% in a year, and the renewal notice is where an individual driver finds out if that applies.
What the release does show is that auto policies are growing at about 8% a year, so more drivers are choosing Progressive. For a household on a fixed income, a car insurance bill is one of the bills that can be shopped, and the filing does not promise a price cut.
Paying more for car insurance than last year?
A car insurance renewal can arrive higher with no warning, and an earnings release will not say whether the next one will be lower. Households on a fixed income feel a bump in that bill, and help with other costs exists but has to be applied for.
The Benefits Checklist scans 11 benefit programs retirees most often miss, with the 2026 income limits. It covers Medicare Savings Programs, Extra Help, SNAP, heating help and property-tax breaks, so a budget strained by an insurance bill has other places to look for relief.
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More Financial Reading
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This article was produced with the assistance of AI and reviewed by the editorial team.
Warren Cohen is a finance writer based in Phoenix, Arizona, covering personal finance topics including credit, banking, and beginner investing. He earned his degree in business administration from Arizona State University and began his career working in consumer finance, where he gained direct experience with lending and credit systems. He now writes for personal finance websites and fintech platforms, focusing on clear, practical content that helps readers make informed financial decisions.
