Progressive Corporation (NYSE: PGR) reported strong December-quarter results, driven by improved underwriting performance and continued premium growth amid solid demand for auto insurance.

Quarterly net income rose to $2.95 billion, while earnings per share reached $5.02. Shares advanced more than 2% intraday following the release.

Net premiums written increased to $19.51 billion for the quarter, reflecting ongoing growth across the company's auto insurance business. Progressive's combined ratio improved to 88%, indicating underwriting profitability as premiums collected exceeded claims and expenses.

The insurer also announced a planned leadership transition, noting that Chief Financial Officer John Sauerland would retire on July 3, 2026. Andrew Quigg was named as his expected successor.