FX.co ★ Progressive Corp. December Profit Up 5%; Q4 Profit Up 19%

Progressive Corp. (PGR) announced that in December 2024, its net income reached $942 million, equivalent to $1.60 per share. This marks a 5% increase from the previous year’s $901 million or $1.53 per share in December 2023.

In terms of net premiums, the company saw a significant boost with a 22% rise, reaching $5.96 billion. Meanwhile, net premiums earned surged 26%, totaling $6.72 billion compared to December 2023.

The insurer also reported an 18% increase in total policies in force by the end of December, having grown to 34.95 million from 29.69 million in December 2023.

For the fourth quarter, Progressive’s net income was $2.36 billion or $4.01 per share, reflecting a 19% growth over the $1.99 billion or $3.37 per share from the same quarter the previous year.

The fourth quarter also showed robust performance, with net premiums written rising by 20% to $18.11 billion, and net premiums earned increasing by 21% to $19.14 billion compared to the prior-year quarter.