Progressive achieves yearly combined ratio target

Progressive released its financial results for December, ending the month with a combined ratio of 83.4% and a combined ratio of 94.9% for 2023, which is below the company’s 96% yearly target.

The insurer ended the month with a net income of $901 million and net income reached $3.9 billion for 2023.

The company ended the month with 29.68 million policies, an increase of ~106.7k policies compared to November. Progressive added 84k policies to its personal auto count during December. Between 2022 and 2023, the insurer’s in-force policy count increased by 2.3 million.