Progressive Q2 Net Income Skyrockets Over 320%

Progressive Corp. today reported second quarter 2024 results of about $1.5 billion and a combined ratio of 91.9.

Results for the Mayfield Village, Ohio-based insurer are in comparison to second quarter 2023 net income of $345.4 million and a combined ratio of 100.4.

Net premiums written during Q2 were up 22% over the prior year quarter to about $17.9 billion.

Progressive also reports monthly results. For June, net income was about $803 million. The insurer said in June it increased its personal lines loss estimates about $115 million and decreased property loss estimates by about $12 million relative to May storms.

Progressive said May storms occurred at the end of the month, which made estimating losses a challenge since a very low amount of claims were reported at the time. The insurer added that as of June 20, it is close to reaching annual retention thresholds of its 2024 aggregate excess-of-loss contracts.

Year-to-date results showed a combined ratio of 89.1 and net income of about $3.8 billion compared to $793.3 million at the end of June 2023.

Personal lines net premiums written were up 22% for the year as of June 30. NPW was up 25% for the insurer’s direct channel. The combined ratio for personal lines so far in 2024 is 86.6.

Progressive property business recorded a combined ratio of 130.4 for the year as of June 30 on catastrophe losses, including the impact of reinsurance.