Progressive Records Five-Fold Increase in Q1 Net Income

Progressive Corp. today reported strong first quarter 2024 results with net income of $2.3 billion and a combined ratio of 86.1

Last year, net income for the first three months at the Mayfield Village, Ohio-based insurer was $447.9 million and the combined ratio was 99.

In reporting monthly results, Progressive said the combined ratio for March was 84.3, compared to 106.2 for March 2023. During the month of March, Progressive’s property business recorded a net catastrophe loss ratio of 24.4 due primarily to one event that impacted Texas and the Midwest.

Progressive reported 20% first quarter growth in net premiums written for is personal lines business to about $14.5 billion. The direct channel grew NPW 21% and the agency channel saw growth of 18% for the first three months 2024. The total Q1 combined ratio in the personal lines business was 84.5.

Companywide NPW grew 18% in Q1. Progressive posted favorable prior year development of $11.4 million for Q1.

Related: Progressive in a Better Place With Reserve Boosts Done, CEO Says

Results for the first quarter 2024 follows a 141% improvement in net income (nearly $2 billion) for the last quarter of 2023.