Progressive reports Q3 net income $2.33B, up 108% YoY; combined ratio 89.0

PROGRESSIVE CORP/OH/

2024-Q3 EPS reported $10.39 revenue$55,095,800,000

Net premiums written for Q3 $19.46B (+25% YoY); net premiums earned $18.30B (+23%).
Combined ratio improved to 89.0 from 92.4; expense ratio 19.4, loss/LAE ratio 69.7.
Total Companywide policies in force 33.87M, up 14% YoY; Personal auto policies up 17%.
Incurred $563M catastrophe losses from Hurricane Helene in September; estimate up to $525M for Hurricane Milton.
Board reduced from 12 to 11 members effective Oct 11; HQ moved to 300 North Commons Blvd, Mayfield Village.

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