AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of 'aa' (Superior) for the members of The Progressive Corporation. The parent holding company's Long-Term ICR of 'a' (Excellent) was also affirmed, with a stable outlook for all ratings.
Progressive maintains the strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), supported by demonstrated financial flexibility and moderate financial leverage. The group's five-year combined ratio average continues to outperform AM Best's private passenger standard auto composite.
The ratings reflect Progressive's strong operating performance, very favorable business profile, and appropriate enterprise risk management. The company reported $8.5 billion in net income in 2024, a considerable improvement from $3.9 billion in 2023, driven by stronger underwriting and investment incomes.
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