Progressive achieves 89.7% CR for September
Progressive released its financial results for September, ending the month with a 89.7% combined ratio, a 26.5 point decrease compared to September of last year.
The insurer ended the month with a net income of $369 million and a total of 29.6 million policies.
In terms of policy growth, the insurer added ~34k policies to its total count from last month after experiencing a decline in policy growth in August. However, total personal auto policies decreased by ~10k between August and September and by about 150k from May.
Overall, Progressive’s PIF count grew 10% YoY.