Progressive reports 100.4% CR for May

Progressive released its financial results for May, ending the month with a combined ratio of 100.4% and net income of $235.7 million.

For the first five months of the year, Progressive generated $2.98 billion in net income and achieved a combined ratio of 89.7%.

The insurer had ~31.9 million policies at the end May, an increase of 8% compared to May of last year. During the month, Progressive added around 572k new policies to its overall count. Since the beginning of the year, Progressive increased its total PIF count by ~2.2 million.