Progressive Corp (NYSE:PGR) reported a sharp increase in profit for the December quarter, supported by solid premium growth and improved underwriting performance as demand for auto insurance remained strong.
The insurer said net income for the quarter climbed to $2.95 billion, with earnings per share reaching $5.02. Shares were slightly higher ahead of the U.S. market open.
Net premiums written rose to $19.51 billion during the period, reflecting continued momentum across Progressive’s core auto insurance business.
Underwriting profitability also strengthened, with the company’s combined ratio improving to 88%. In insurance terms, a ratio below 100% indicates that premiums collected more than covered claims and operating expenses.
Progressive also outlined a forthcoming change in its finance leadership. Chief Financial Officer John Sauerland is set to retire on July 3, 2026, with Andrew Quigg expected to step into the role.
The company said insurance demand remained resilient throughout the quarter, as both businesses and consumers continued to prioritize coverage to guard against risks including accidents, property losses and natural disasters.