Progressive Corp. has achieved its combined ratio goal of 96, according to its release of November and year-to-date results.
On Friday, Progressive said November net income was $680.6 million and its combined ratio for the month was 91.1. Year-to-date net income at the end of November stood at just over $3 billion.
The Mayfield Villiage, Ohio-based personal and commercial lines insurer had set a combined ratio goal of 96 for the year and, as of the end of November, the combined ratio was that exactly – led by a combined ratio of 95 for the personal lines business.
November policies in force increased 8% compared to November 2022 to about 29.6 million.
Progressive in October reported third quarter net income of more than $1 billion with a combined ratio of 92.4. CEO Tricia Griffith said during an investor call after Q3 earnings were released that “rate and non-rate actions had a positive effect on premium and profitability.”
Griffith said catastrophe losses would be the wild card in hitting the combined ratio target for 2023 but in November the net catastrophe loss ratio was just 0.2 and year-to-date it was 3.3.
Progressive said it booked an increase in its calendar year actuarial adjustment of $213.3 million in November and $1.1 billion year-to-date. Unfavorable prior accident year development was about $22 million in November and about $1.1 billion for the year as of Nov. 30.
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