Progressive reports 93.4% CR for September

Progressive released its financial results for September, ending the month with a combined ratio of 93.4% and net income of $584.6 million.

The insurer incurred $563 million of catastrophe losses (9 loss ratio points) related to Hurricane Helene.

For the first nine months of the year, Progressive generated $6.1 billion in net income and achieved a combined ratio of 89.1%.

The insurer had ~33.86 million policies at the end of September, an increase of 14% compared to September of last year. During the month, Progressive added around 457k new policies to its overall count. Since the beginning of the year, Progressive increased its total PIF count by ~4.2 million.