Progressive has reported its results for the month ended Jan. 31.
The insurance giant reported $5,495.7 million in net premiums written and $5,386 million in net premiums earned.
Progressive’s net income for the reporting period was $700.7 million, working out at $1.18 per share to common shareholders, according to a news release. Total pretax net realized gains on securities were $87.3 million.
Progressive’s combined ratio for the current year is 87.3, an improvement from the prior year’s 96.0.
The company has a total of 19,743.3 personal auto policies in force in January, up 8% from January 2023’s 18,332.8. Total special lines was up 7%, from 5,572.9 in January 2023 to 5,984.4 in January 2024.
Total personal lines were up 8%, to 25,727.7 in January 2024 from 23,905.7 in January 2023. Total commercial lines rose 4%, to 1,095.8 in January 2024 from 1,053.3 in January 2023. Property business was up 9% to 3,127.9 in January 2024 from 2,865.0 in January 2023.
Progressive reported a companywide total policies in force of 29,951.4, up 8% from January 2023’s 27,824.0.
Last month, Progressive announced a rebrand of its large fleet commercial line coverage. Last year, the company was named one of the best insurance companies to work for in the US.
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