Progressive reports 94.1% CR for October

Progressive released its financial results for October, ending the month with a combined ratio of 94.1% and net income of $408.2 million.

For the first ten months of the year, Progressive generated $6.5 billion in net income and achieved a combined ratio of 89.6%.

During the month, the insurer incurred vehicle losses, including boats and recreational vehicles, of $206.5 million, or 3.2 loss ratio points on a companywide basis, related to Hurricane Milton and unfavorable development from Hurricane Helene.

The insurer had ~34.36 million policies at the end of October, an increase of 16% compared to October of last year. During the month, Progressive added around 496k new policies to its overall count. Since the beginning of the year, Progressive increased its total PIF count by ~4.6 million.