前进保险三季度净利25.4亿美元同比降3%：综合成本率改善至88.7 投资亏损拖累利润
俄亥俄州 Mayfield Village——美国汽车保险巨头前进保险（Progressive，纽交所代码：PGR）10 月 14 日公布 2026 年第三季度业绩：截至 9 月 30 日的季度净利为 25.42 亿美元，同比下降 3%（去年同期 26.15 亿美元），每股收益 4.37 美元，低于去年同期的 4.45 美元。承保端表现改善：季度综合成本率由去年同期的89.5 改善至 88.7；净承保保费增长 4% 至 223.01 亿美元，净已赚保费增长 5% 至 218.69 亿美元。
拖累利润的是投资端：该季度公司录得税前证券净实现亏损 1.7 亿美元，而去年同期为实现收益 2.95 亿美元。单看 9 月，公司净利同比增长 107% 至 6.3 亿美元（去年同期 3.05 亿美元），每股收益升至 1.08 美元；9 月综合成本率为 90.0，去年同期为 100.4；当月净承保保费增长 2% 至 72.55 亿美元。截至 9 月末，公司有效保单总数达约 4,050 万份、同比增长 6%：个人汽车直销渠道保单增长 8% 至约 1,680 万份，代理渠道增长 7% 至约 1,130 万份，商业险保单增长 5% 至约 125 万份，个人财产险保单约 365 万份、与去年同期基本持平。
Progressive Q3 Net Income Falls 3% to $2.54 Billion as Investment Losses Offset Improved Underwriting; Combined Ratio Improves to 88.7
MAYFIELD VILLAGE, Ohio — Progressive Corporation (NYSE: PGR) reported on October 14 that third- quarter net income fell 3% to $2.542 billion, or $4.37 per share, from $2.615 billion, or $4.45 per share, a year earlier, as realized investment losses offset improved underwriting results. The insurer's combined ratio for the quarter improved to 88.7 from 89.5 a year earlier. Net premiums written rose 4% to $22.301 billion, and net premiums earned rose 5% to $21.869 billion.
Investments were the main drag: Progressive recorded $170 million in pretax net realized losses on securities in the quarter, compared with $295 million in gains a year earlier. September alone was much stronger — net income more than doubled, rising 107% to $630 million from $305 million in September 2025, with earnings per share of $1.08 and a monthly combined ratio of 90.0, improved from 100.4 a year earlier; net premiums written in the month rose 2% to $7.255 billion. Total policies in force rose 6% year over year to about 40.5 million at the end of September: personal auto policies through the direct channel grew 8% to about 16.8 million, the agency channel grew 7% to about 11.3 million, commercial lines policies grew 5% to about 1.25 million, and personal property policies were flat at about 3.65 million.
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图片来源：图：美国州际公路立交航拍（密歇根州 I-696）资料照片。照片：Karen Breen-Bondie，CC BY-SA 2.0，Wikimedia Commons。File photo: aerial view of the Interstate 696 interchange in Michigan. Photo by Karen Breen-Bondie, CC BY-SA 2.0, via Wikimedia Commons.
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