The Progressive Corporation (NYSE:PGR) reported higher first-quarter profit driven by continued premium growth and expansion of its customer base, though earnings per share came in slightly below expectations.
Net premiums written increased 10% year over year to $9.91 billion, supported by higher policy volumes and ongoing pricing actions, reflecting strong demand across its insurance offerings.
Net income rose 10% to $2.82 billion, while earnings per share reached $4.80, up from $4.37 in the prior-year quarter but below the consensus estimate of $4.83.
The company continued to grow its customer base, with policies in force rising 9% to 39.6 million, reinforcing its position as a leading personal auto insurer in the U.S.
Profitability remained solid, with a combined ratio of 88.8 for March and 86.4 for the first quarter, both below 100, indicating underwriting profitability, though suggesting slightly higher claims or expense levels compared to earlier periods.
Results were partially impacted by $218 million in pretax realized investment losses, reflecting ongoing volatility in financial markets.
