First quarter net income at Progressive Corp. increased 10% compared to the same period a year ago to about $2.6 billion.
Progressive reports results monthly. Net income for March was down 42% to $522 million.
The Mayfield Village, Ohio-based insurer’s first quarter combined ratio was near flat at 86 compared to 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 property for the month of March was 51.1, adding to a combined ratio of 117.5 for the month.
Progressive said it absorbed catastrophe losses from severe weather throughout the U.S. in March. The ratio also includes development on prior events.
Net premiums written during Q1 2025 were up 17% over the prior year quarter to about $22.2 billion.
Personal lines NPW were up 20% to about $18.3 billion, driven by 25% in the direct channel auto.
The insurer provided no commentary on March results. Its Q1 earnings call is May 6, after filing Q1 earnings on May 5.
Topics Profit Loss
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