The Progressive Corporation reported a record-breaking performance for the full year 2024, with net premiums written surging 21% to $74.4 billion, and net premiums earned also increasing by 21% to $70.8 billion. Total revenues for the year reached $75.4 billion, underscoring significant top-line expansion.
Net income for 2024 more than doubled to $8.5 billion, translating to $14.40 per common share, a substantial increase from $3.9 billion in 2023. The company achieved an underwriting margin of 11.2% and a combined ratio of 88.8%, representing a 6.1 point improvement, indicating strong profitability.
Policies in force grew robustly, with Personal Lines increasing 18% to 33.81 million and Commercial Lines growing 4% to 1.14 million, totaling 34.95 million companywide. This growth, coupled with effective claims processing and technology, positioned 2024 as arguably the best year in the company's 87-year history.
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