Progressive’s combined ratio flat at 86% in Q1

By Michael Loney

April 16 - (The Insurer) - U.S. personal lines insurer Progressive has reported its combined ratio was essentially flat at 86.0% in the first quarter, while net premiums written increased 17% to $22.21 billion.

The Q1 combined ratio was a slight improvement on the 86.1% in the first quarter of 2024.

This year’s first quarter included a 2.4% net catastrophe loss ratio compared with 2.1% in the first quarter 2024.

Progressive net income was $2.57 billion in the quarter, up 10% from $2.33 billion in the same period of last year.

The company ended the quarter with 36.29 million policies in force, up 18% from the previous year.

For the month of March, the combined ratio worsened to 90.9% from 84.3% in March 2024. This year’s first quarter included a 6.0% net catastrophe loss ratio compared with 3.3% in March 2024.

Net premiums written increased 17% in the month to $9.04 billion.

New York-listed Progressive share price was up 1.3% as of 9:45 a.m. ET (1445 GMT) on Wednesday following the release of the results before markets opened.