Progressive shares fall 4% after drop in month — over — month PIF
By Michael Loney Oct 15 (The Insurer) — Progressive’s share price dropped 4% on Wednesday after it reported September results that included the first sequential decline in policies in force growth since November 2023. New York-listed Progressive's share price closed down 4.2% on Wednesday at $213.51. Progressive said policies in force grew 6% to 40,489 in September compared to the same month of last year. That compared with 7% year-on-year growth in August. Piper Sandler analysts said this was the first month-on-month reduction in policies in force for nearly three years, although the drop was slight compared to the 40,492 policies in August 2026. “Growth was hard to come by in the month of September,” the Piper Sandler analysts said. “For the first time since November 2023, PGR reported declining sequential PIF growth. PIF growth has decelerated on a YoY basis from a peak of 11.2% in February to now 6.3% in September.” The analysts said total revenue growth slowed to 0.2% from the prior-year period, while net premiums written and earned growth came in below expectations. The Piper Sandler analysts said they viewed the stock as undervalued given its potential earnings and capital
By Michael Loney Oct 15 (The Insurer) — Progressive’s share price dropped 4% on Wednesday after it reported September results that included the first sequential decline in policies in force growth since November 2023. 51. Progressive said policies in force grew 6% to 40,489 in September compared to the same month of last year. That compared with 7% year-on-year growth in August.
Piper Sandler analysts said this was the first month-on-month reduction in policies in force for nearly three years, although the drop was slight compared to the 40,492 policies in August 2026. “Growth was hard to come by in the month of September,” the Piper Sandler analysts said. “For the first time since November 2023, PGR reported declining sequential PIF growth. 2% from the prior-year period, while net premiums written and earned growth came in below expectations.
The Piper Sandler analysts said they viewed the stock as undervalued given its potential earnings and capital generation. They believe that earnings per share will continue to beat expectations. 11 forecast, driven primarily by lower-than-expected catastrophe losses. “But September was not a great month for PGR.
It sequentially lost customers which raises fears that competition has heated up such that even PGR's superior distribution can't overcome,” the analysts said. 4% a year ago. Net income for the month jumped 107% to $630 million, up from $305 million in September 2025. 13 billion in the prior-year period.