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Progressive Insurance hit by massive slump in net income

January 27, 2022

Progressive Insurance’s performance in December 2021 took a massive hit, with the company’s net income falling to $393.3 million from $706.0 million the year prior – a 44% year-over-year drop.

Similarly, the company’s Q4 2021 net income dropped 43% to $962.3 million, from $1,684.3 million in Q4 2020.

The company’s combined ratio was also slammed, rising to 94.6 in December 2021 from 85.2 in December 2020; a difference of 9.4 points. For the fourth quarter of 2021, Progressive’s combined ratio climbed to 94.7, from 88.4 in the same period last year.

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