Progressive Corporation reported strong Q3 2024 results with net income surging 108% to $2.3 billion, driven by significant underwriting improvements and investment gains. Net premiums written increased 25% to $19.5 billion, while the combined ratio improved 3.4 points to 89.0. Personal Lines saw new applications grow 90% year-over-year, with auto policies in force up 17% to 22.8 million.The company's underwriting profit margin reached 11.0%, exceeding its 4% target, benefiting from higher average earned premiums and favorable loss trends. Personal auto frequency decreased 5% while severity remained stable with a 1% increase. The Property segment achieved a 21.5% underwriting margin despite incurring $563 million in catastrophe losses from Hurricane Helene.Investment income rose 45% to $739.5 million due to higher yields, while total investments grew to $79.4 billion from $66.0 billion at year-end 2023. The company maintained a strong capital position with shareholders' equity of $27.2 billion and a debt-to-total capital ratio of 20.2%. Progressive continued aggressive growth investments with advertising spend up nearly 400% to drive new business acquisition while maintaining profitability targets.

Progressive Corporation reported strong Q3 2024 results with net income surging 108% to $2.3 billion, driven by significant underwriting improvements and investment gains. Net premiums written increased 25% to $19.5 billion, while the combined ratio improved 3.4 points to 89.0. Personal Lines saw new applications grow 90% year-over-year, with auto policies in force up 17% to 22.8 million.The company's underwriting profit margin reached 11.0%, exceeding its 4% target, benefiting from higher average earned premiums and favorable loss trends. Personal auto frequency decreased 5% while severity remained stable with a 1% increase. The Property segment achieved a 21.5% underwriting margin despite incurring $563 million in catastrophe losses from Hurricane Helene.Investment income rose 45% to $739.5 million due to higher yields, while total investments grew to $79.4 billion from $66.0 billion at year-end 2023. The company maintained a strong capital position with shareholders' equity of $27.2 billion and a debt-to-total capital ratio of 20.2%. Progressive continued aggressive growth investments with advertising spend up nearly 400% to drive new business acquisition while maintaining profitability targets.