Progressive’s December quarter net premiums written rose 6% year-over-year to $6.3 billion, while full-year net premiums written climbed 8% to $19.5 billion. Net premiums earned increased 6% in the quarter to $7.1 billion and 10% year-to-date to $21.1 billion. Net income for the quarter reached $1.15 billion, a 22% increase from the prior year, driving full-year net income up 25% to $2.95 billion. Earnings per share were $1.95 for the quarter and $5.02 for the year, reflecting the strong top-line growth and disciplined underwriting. Total pretax net realized gains on securities were $168 million in the quarter, compared with a $140 million loss a year earlier. The combined ratio for the quarter was 87.1, a 3-point decline from last year, and 88.0 for the full year, essentially flat. Policies in force increased by 10% to 38.6 million at year-end, led by direct auto growth of 14% to 16.0 million policies and agency auto growth of 10% to 10.8 million policies, underlining sustained market share gains in both channels.

Progressive announced that John Sauerland, who has served as CFO for the past 10 years and 35 years overall with the company, will retire on July 3, 2026. President and CEO Tricia Griffith praised Sauerland’s leadership in steering the company through multiple economic cycles and enhancing investor transparency. Andrew Quigg, currently Chief Strategy Officer, is slated to succeed Sauerland and will work closely with him over the next five months to ensure a seamless handover of financial responsibilities. This planned succession leverages Progressive’s bench of tenured executives and aims to maintain continuity in financial planning, reporting and capital allocation as the company pursues its growth objectives.