Progressive records 99% combined ratio in May

Progressive released its financial results for May, ending the month with a 99% combined ratio, a 2.5 points increase compared to May of last year.

So far this year, Progressive’s combined ratio stands at 98.7%, 2.7 points higher than its yearly target.

The insurer ended the month with a net income of $108 million, adding just over 3 million policies since May 2022.

In an investor call in early May, Progressive CEO Tricia Griffith said that the company will reduce advertising spend and tighten verification and underwriting scrutiny of new business. It seems that Progressive’s policy growth has slowed down in May compared to earlier months this year.