Progressive reveals latest financials

January 2024 numbers are in – but how did the insurance giant perform?

Progressive reveals latest financials

Insurance News

By Ryan Smith

Progressive has reported its results for the month ended Jan. 31.

The insurance giant reported $5,495.7 million in net premiums written and $5,386 million in net premiums earned.

Progressive’s net income for the reporting period was $700.7 million, working out at $1.18 per share to common shareholders, according to a news release. Total pretax net realized gains on securities were $87.3 million.

Progressive’s combined ratio for the current year is 87.3, an improvement from the prior year’s 96.0.

The company has a total of 19,743.3 personal auto policies in force in January, up 8% from January 2023’s 18,332.8. Total special lines was up 7%, from 5,572.9 in January 2023 to 5,984.4 in January 2024.

Total personal lines were up 8%, to 25,727.7 in January 2024 from 23,905.7 in January 2023. Total commercial lines rose 4%, to 1,095.8 in January 2024 from 1,053.3 in January 2023. Property business was up 9% to 3,127.9 in January 2024 from 2,865.0 in January 2023.

Progressive reported a companywide total policies in force of 29,951.4, up 8% from January 2023’s 27,824.0.

Last month, Progressive announced a rebrand of its large fleet commercial line coverage. Last year, the company was named one of the best insurance companies to work for in the US.

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