Progressive Corp (NYSE:PGR) reported a 36% surge in monthly net income and announced a leadership shake-up, as Personal Lines President Pat Callahan prepares to retire after nearly 24 years with the insurer.
The Cleveland-based auto insurer posted net income of $1.45 billion for the month ended May 31, up from $1.07 billion a year earlier, with earnings per share rising to $2.47 from $1.81.
Net premiums written grew 6% year-over-year to $7.037 billion, while net premiums earned rose 10% to $7.36 billion.
Total policies in force reached approximately 39.97 million, up 8% from the prior year. Direct auto policies climbed 11% to 16.715 million, while agency auto policies rose 8% to 11.172 million.
On the leadership front, Callahan will remain in his role until January 2027, then transition to a part-time advisory capacity.
To manage the transition, Lori Niederst, currently CRM president, will move into a newly created Chief Personal Lines Officer role overseeing both Personal Lines and CRM operations. Heather Day, currently general manager of Customer Experience Strategy within the CRM organization, will become CRM president in July.
Progressive said it will conduct an internal search for Callahan's permanent successor.