Progressive ends February with 86.8% combined ratio

Progressive released its financial results for February, ending the month with a combined ratio of 86.8%. Year-to-date combined ratio is 87%, well below the company’s yearly target of 96%.

The insurer ended the month with a net income of $737 million.

Progressive counted 30.28 million policies in February, an increase of ~332k policies compared to January 2024. It took the company nearly 13 years to go from 10 million policies to 20 million, and around five and a half years to go from 20 million to 30 million.