Progressive reports 91.7% CR for October
Progressive released its financial results for October, ending the month with a 91.7% combined ratio and a year-to-date combined ratio of 96.6%, slightly higher than the company’s yearly target of 96%.
The insurer ended the month with a net income of $406 million and YTD net income reached $2.3 billion, a significant improvement compared to a net income of $271 million for the same period last year.
The company reported 29.59 million policies, a decrease of ~12k policies compared to last month. Progressive’s personal auto line saw the biggest decline with a decrease of 39k policies compared to September 2023.