(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. 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. Don't miss out on the next big opportunity! Stay ahead of the curve with ProPicks – 6 model portfolios fueled by AI stock picks with a stellar performance this year.. In 2024 alone, ProPicks' AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. That's an impressive track record. With portfolios tailored for Dow stocks, S&P stocks, Tech Stocks, and Mid Cap stocks, you can explore various wealth-building strategies. So if PGR is on your watchlist, it could be very wise to know whether or not it made the ProPicks lists.

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