Progressive Corp.’s fourth quarter 2021 earnings fell 43% from the same period a year ago to $962.3 million.
The results came despite the personal and commercial property insurer reporting a 13% increase in net premiums written in the final three months of 2021. Progressive said its fourth-quarter combined ratio jumped by more than 6 points to 94.7 compared to the fourth quarter of the previous year.
Net income for the full year was approximately $3.35 billion, down 41% from approximately $5.7 billion in 2020, while net premiums written increased 14%. The company’s overall combined ratio for 2021 was 95.3 – 88.9 for its business and 115.3 for personal.
For the month of December, net income fell 44% to $393.3 million. While the December combined ratio for Progressive’s commercial lines was 85.1, its combined ratio for the real estate business was 112.8, including 38.2 points of disaster losses from storms and tornadoes in the States. States and the Colorado wildfires.
The insurer plans to release January results on February 16 and has scheduled an earnings call with analysts for Game 1.
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