Progressive October net income $408M, combined ratio 94.1 on hurricane losses

PROGRESSIVE CORP/OH/

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

Net premiums written $6.58B (+19% YoY); net premiums earned $6.39B (+19%).
Diluted EPS $0.69 vs $0.68 a year ago; combined ratio 94.1 (up from 91.7).
Catastrophe losses: $206.5M from Hurricanes Milton/Helene; property net catastrophe ratio 55.9 pts.
Property business reduced Hurricane Ian reserves by $250M; net exposure remains $200M retention.
Total policies in force 34.36M (+16% YoY); personal auto policies up 19%.

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