Progressive Q1 net income surges 421% to $2.33B; combined ratio improves to 86.1

PROGRESSIVE CORP/OH/

2024-Q1 EPS reported $3.94 revenue$17,242,500,000

Net income $2,331.4M vs $447.9M YoY; diluted EPS $3.94 vs $0.75.
Combined ratio improved 12.9 pts to 86.1 from 99.0 YoY.
Net premiums written $18.96B, up 18% YoY; net premiums earned $16.15B, up 19%.
Companywide policies in force grew 7% to 30.8M as of March 31, 2024.
Calendar conversion may affect monthly YoY comparisons through Sept 2024.

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