Progressive’s Premiums Rise 10% to $9.91B, Net Income Soars 36%
Progressive's March quarter net premiums written rose 10% to $9.91 billion and net income climbed 36% to $712 million, lifting EPS to $1.21. Combined ratio improved 2.1 points to 88.8% and policies in force increased 9% to 39.6 million.
1. March Quarter Financial Results
Progressive reported net premiums written of $9,911 million, up 10% year-over-year, and net premiums earned of $7,519 million, an 11% increase. Net income rose 36% to $712 million, driving EPS to $1.21 compared with $0.89 in the prior year period.
2. Underwriting Performance
The combined ratio improved by 2.1 points to 88.8%, reflecting stronger loss and expense performance. Total pretax net realized losses on securities were $218 million versus $211 million a year earlier, representing a modest increase in investment headwinds.
3. Policy Counts and Growth
Total policies in force climbed 9% to 39.565 million. Personal lines agency auto policies increased 9% to 11.056 million, direct auto up 12% to 16.572 million, special lines policies rose 7% to 7.101 million, property policies gained 2% to 3.640 million, and commercial lines grew 3% to 1.196 million.