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Progressive Corp. said its fourth quarter 2024 income increased 19% to about $2.4 billion compared to the same period the prior year.

The Mayfield Village, Ohio-based insurer, in reporting financial results for December 2024 that included a 5% increase in net income to $942 million, said the combined ratio for Q4 2024 was 87.9.

For the year 2024, net income more than doubled to $8.5 billion compared to $3.9 billion for 2023.

Net premiums written in 2024 were up 21% over the prior year to about $74.4 billion. The combined ratio for the year was 88.8, including 3.6 points from net catastrophe losses, Progressive said.

Personal lines net premiums written were up 23% for the year to about $63.5 billion. NPW was up 27% for the insurer’s direct channel, and up 21% for agency. The combined ratio for personal lines in 2024 was 88.6.

Progressive gave no additional commentary in its release of December results. The insurer will hold an investor call on March 4.

Topics Profit Loss