Goldman Sachs Sticks to 'Buy' Rating on Progressive Amid Strong Earnings

Goldman Sachs has reaffirmed its 'Buy' rating on Progressive Corp. ( ticker not provided) following the company's July operating results, which beat their expectations.

The insurance company reported earnings per share of $1.71 for July, surpassing Goldman Sachs' estimate of $1.41 and driven primarily by a 3.5 percentage point favorable prior year development, compared to their estimate of 0.8 percentage points favorable.

Progressive's Personal Auto segment posted a combined ratio of 86.7%, beating Goldman Sachs' estimate of 89.7% by 3 percentage points. The company also reported net premiums written growth of 5.4%, exceeding Goldman Sachs' estimate of 3.8%, with growth beats across all three segments.

In other news, Progressive Corp. recently reported fiscal second-quarter 2026 earnings that exceeded Wall Street expectations, achieving earnings per share of $5.67 and revenue of $21.57 billion, slightly above the expected $21.53 billion.