Progressive (PGR) Q3 Earnings Show Strong Underwriting As Profit Growth Slips

Progressive came into Q3 earnings with a stock that had cooled in recent weeks, down over the past month but edging up about 1% today to around US$216 as investors absorbed the numbers. The insurer reported Q3 2026 basic earnings per share of US$4.38 on total revenue of US$23.2b, a solid headline for a business built on underwriting discipline. Yet the share price reaction looks mild next to the size of the profit engine, with net income of US$2.5b, which reminds you this is still one of the...