First quarter net income at Progressive Corp. increased 10% compared to t
e same period a year ago to about $2.6 billion.
Progressive report
s results monthly. Net income for March was down 42% to $522 million.
The Mayfield Village, O
hio-based insurer’s first quarter combined ratio was near flat at 86 compared t
o Q1 2024. Personal property maintained a combined ratio of 87.2 despite a net
catastrophe loss ratio of 19.8 year-to-date. The net cat loss ratio in personal propert
y for the month of March was 51.1, adding to a combined ratio of 117
.5 for the month.
Progressive said it abs
orbed catastrophe losses from severe weather throughout the U.S. in M
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arch. The ratio also incl
udes development on prior events.
Net premiums writte
n during Q1 2025 were up 17% over the prior year quarter to about $22.2 billion.
Personal lines NPW w
ere up 20% to about $18.3 billion, driven by 25% in the direct channel auto.
The insurer provided
no commentary on March re
sults. Its Q1 earnings call is May 6, after filing Q1 earnings on May 5.
