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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