The Progressive Corporation reported a strong financial performance for the first quarter of 2025, with net income rising to $2.57 billion, or $4.37 per share, compared to $2.33 billion, or $3.94 per share, in the prior year. Net premiums written jumped 17% to $22.21 billion, reflecting robust demand.
The company achieved a combined ratio of 86.0% in Q1 2025, which was only slightly higher than the 86.1% in Q1 2024 and well below its 96% target. This indicates near-record underwriting margins and efficient claims management.
Policies in force continued to grow significantly, with personal insurance policies increasing 18% to 35.1 million, and commercial lines policies rising 6% compared to a year earlier. This sustained growth demonstrates Progressive's ability to capture market share and expand its customer base.
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