Progressive January Premiums Rise 5%; Net Income Up 4% to $1.16 B
Progressive's January net premiums written rose 4% year-over-year to $6.735 billion and premiums earned climbed 5% to $6.921 billion, driving net income up 4% to $1.163 billion ($1.98 per share). Combined ratio ticked up 0.3 pts to 84.4 while total policies in force rose 10% to 38.875 million, led by 14% growth in direct auto.
1. January Financial Highlights
Progressive reported net premiums written of $6.735 billion, up 4% versus January 2025, and net premiums earned of $6.921 billion, a 5% increase. Net income rose 4% to $1.163 billion, or $1.98 per share.
2. Combined Ratio and Investment Gains
The combined ratio worsened by 0.3 points to 84.4 driven by underwriting factors, while total pretax net realized gains on securities were $103 million, a 6% decline from the prior year period.
3. Policy Count Expansion
Total policies in force climbed 10% to 38.875 million, led by direct auto policies rising 14% to 16.164 million and agency auto up 10% to 10.855 million, reflecting strong new business momentum.