Progressive Posts 5% Premium Growth, $943M Profit and 85.7 Combined Ratio
Progressive reported February net premiums written of $6.995B, up 5% year-over-year, net income of $943M (+2%), and a combined ratio rising 3.1 points to 85.7. Policies in force climbed 10% to 39.22M, driven by a 14% surge in direct auto and 10% gain in agency auto.
1. February Financial Highlights
Progressive posted net premiums written of $6.995B in February, a 5% increase from last year, and net premiums earned of $6.528B, up 8%. Net income rose 2% to $943M ($1.61 per share), while the combined ratio increased by 3.1 points to 85.7, and pretax net realized losses narrowed to $5M from $110M.
2. Policies in Force Growth
Total policies in force expanded 10% to 39.22 million by February end, led by a 14% surge in direct auto policies to 16.383 million and a 10% rise in agency auto policies to 10.959 million. Special lines grew 7% to 7.041 million, property policies increased 3% to 3.649 million, and commercial lines were up 3% to 1.188 million.