The Progressive Corporation reported significant financial growth in its first quarter of 2025, with net premiums written reaching $22.2 billion, a $3.2 billion increase from the same period last year. The company also saw a 20% rise in net premiums earned, totaling $19.4 billion, and an 18% increase in policies in force, which now stands at 36.3 million. The underwriting profit margin for the quarter was 14.0%, slightly up from 13.9% in the previous year, indicating effective management of underwriting expenses and claims.
In terms of operational performance, the Personal Lines segment experienced a 20% increase in net premiums written, driven primarily by growth in personal auto products. The Commercial Lines segment also showed solid performance, with a 5% increase in net premiums written. The company attributed this growth to increased advertising efforts and a focus on profitable business through independent agents. The total number of policies in force grew by 1.3 million since December 31, 2024, and by 5.5 million since March 31, 2024.
Progressive's investment portfolio also demonstrated resilience, with a total fair value of $83.7 billion as of March 31, 2025, up from $80.3 billion at the end of 2024. The company reported a pretax recurring investment book yield of 4.1%, an increase from 3.7% in the previous year, reflecting a strategic shift towards higher coupon rate securities. However, the company faced net realized losses of $212 million during the quarter, contrasting with net realized gains of $156 million in the same period last year.
The company’s total capital, which includes debt and shareholders' equity, rose to $35.8 billion, an increase of $3.4 billion from year-end 2024. This growth was primarily driven by comprehensive income earned during the quarter. Progressive maintained a debt-to-total capital ratio of 19.2%, consistent with its financial policy of keeping this ratio below 30%. Looking ahead, the company plans to continue monitoring market conditions and adjusting its strategies accordingly, particularly in response to potential impacts from tariffs and regulatory changes.
About PROGRESSIVE CORP/OH/
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