The company’s premiums written and income for March showed that it has leapt forward since 2020.
The recently released Progressive Insurance earnings report showed that the insurer experienced notable year-over-year growth from March 2020 to the same month in 2021.
That said, the company’s day-to-day operations profitability still left room for improvement.
The report on the Progressive Insurance earnings showed that premiums written, and March’s monthly income saw sizeable year-over-year growth. It was the day-to-day operations profitability after accounting for total incurred losses that didn’t hold quite as much appeal.
In the company’s March 2021 earnings release, the insurer posted $3.772 million in net premiums written. When compared to the figures released in March 2020, it represented a 32 percent increase from having been $2.860 million. The insurer’s net premiums also rose by a hefty 11 percent over last year’s numbers, reaching $3.269 million. What really stood out, however, was the March 2021 net income posted by the company, which was an exceptional 78 percent higher than March 2020, reaching $567.9 million this year, well over the $318.6 million last year.
The Progressive Insurance earnings report showed a substantial increase in its combined ratio.
From March 2020 to March 2021, the insurer’s combined ratio in that month rose by 77.1 percent to 90.7 percent – up a substantial 13.6 percent.
“For March 2021, and for the next several months, when comparing current year results in our vehicle businesses to the prior year, primarily for net premiums written, loss and loss adjustment expense ratios, and underwriting expenses, among other nonfinancial measures, the comparisons will be impacted by the social distancing and shelter-in-place restrictions that were put in place beginning in March 2020 in response to COVID-19,” said an official statement from the company that accompanied the earnings report.
The Progressive Insurance earnings report also included those for the first quarter of this year. Net premiums written for Q1 rose by 19 percent to reach $11.729 million, up from 2020’s $9.871 million. That quarter’s net premiums earned rose from 2020’s $9.430 million to this year’s $10.420 million. Net income took off by 114 percent from $692.7 million last year to $1.480 billion this year.