Progressive quarterly profit jumps, CFO to retire
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Progressive logo is seen in this illustration taken February 3, 2025. REUTERS/Dado Ruvic/Illustration
Jan 28 (Reuters) - Progressive reported a 25% jump in fourth-quarter profit on Wednesday, driven by robust demand for personal auto insurance policies.
The company also announced the retirement of its Chief Financial Officer, John Sauerland.
Insurance spending has continued to remain resilient as individuals and businesses seek coverage to manage risks such as natural disasters and accidents.
Net premiums written at Progressive rose 8% to $19.51 billion during the fourth quarter.
Profit was $2.95 billion, or $5.02 per share, in the three months ended December 31, compared with $2.36 billion, or $4.01 per share, a year earlier.
The insurer had 37.4 million personal lines policies in force at the end of 2025, 11% higher than a year earlier. Agency auto and direct auto policies were up 10% and 14%, respectively.
Combined ratio was 88% in the reported quarter, compared with 87.9% a year earlier. A ratio below 100% means the insurer earned more in premiums than it paid out in claims.
Progressive is the second-largest personal auto insurer in the United States and provides insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes.
Separately, Progressive announced that Sauerland will retire on July 3 after 35 years with the insurer, including a decade as CFO.
Chief Strategy Officer Andrew Quigg is expected to succeed him and will work alongside Sauerland in the coming months to ensure a smooth transition.
Progressive shares have fallen 8.6% so far this year, underperforming the benchmark S&P 500 index. The stock slipped 5% in 2025.
(Reporting by Arasu Kannagi Basil and Prakhar Srivastava in Bengaluru; Editing by Tasim Zahid)
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