Progressive March net income drops 42% YoY; Q1 EPS $4.37; combined ratio 90.9

PROGRESSIVE CORP/OH/

2025-Q1 EPS reported $4.37 revenue$20,409,000,000

March net income $522M (-42% YoY); EPS $0.89 (-42% YoY).
Q1 net premiums written $22.2B (+17% YoY); net premiums earned $19.4B (+20% YoY).
Q1 combined ratio 86.0%, flat YoY; March combined ratio 90.9% vs 84.3% (6.6 pts worse).
Policies in force up 18% YoY to 36.3M; personal auto direct +25%, agency +18%.
Total portfolio FTE return +0.2% for month; pretax investment book yield 4.3%.

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