Progressive sees surge in Q1 net income

Progressive sees surge in Q1 net income | Insurance Business America

Insurance News

Progressive sees surge in Q1 net income

Combined ratio also improves

Insurance News

By
Terry Gangcuangco

The Progressive Corporation, which last October converted its monthly accounting closing calendar to align with the Gregorian calendar, has announced its financial results for March and the first quarter of 2024.

Here are the numbers, as reported by Progressive:

Metric

March 2024

Q1 2024

Q1 2023

Net premiums written

$7.75 billion

$18.96 billion

$16.11 billion

Net premiums earned

$5.63 billion

$16.15 billion

$13.53 billion

Net income

$893.6 million

$2.33 billion

$447.9 million

Combined ratio

84.3%

86.1%

99.0%

The company, based in Ohio, saw a 421% surge in net income in the quarter.

In terms of policies in force, Progressive posted increases across the board. Broken down, below are the figures for policies in force as of the end of March.

Policies in force

March 31, 2024

March 31, 2023

Total personal lines

26.5 million

24.8 million

Total commercial lines

1.1 million

1.07 million

Total property business

3.2 million

2.9 million

Companywide total

30.8 million

28.8 million

Meanwhile, Progressive noted: “In October 2023, we converted our monthly accounting closing calendar to align with the Gregorian calendar.

“We do not expect that this change will have a material impact on our reported quarterly and annual underwriting results, but it may impact our year-over-year comparisons on monthly results from October 2023 through September 2024.

“Therefore, during this time period, we have modified and limited the content of the earnings release, compared to our historical reporting.”

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