(Reuters) -Progressive Corp reported second-quarter profit that more than doubled on Wednesday, boosted by robust performance in its personal lines insurance business, sending its shares up 1.5%.
Insurance spending remained resilient during the quarter, as businesses and individuals continued spending on policies to protect against risks in a tough macroeconomic environment, despite rising premiums.
Insurance companies were also helped by a solid U.S. job growth. The company had 36.1 million personal insurance policies in force, 16% higher than last year.
Net premiums written rose 12% to $20.08 billion in the quarter and its combined ratio improved to 86.2% from 91.9% year-on-year. A ratio below 100% indicates the insurer earned more in premiums than it paid out in claims.
Net income of the insurer came in at $3.18 billion, or $5.40 per share, in the three months ended June 30, compared with $1.46 billion, or $2.48 per share, a year ago.
The Mayfield Village, Ohio-based company’s shares have gained nearly 1% in 2025, as of last close, compared to a 6.2% rise in the benchmark S&P 500 index.
(Reporting by Pritam Biswas in Bengaluru; Editing by Tasim Zahid)
