Moody’s: 20 U.S. P&C insurers generated $69 billion last year, up $15.6 billion from 2024
PropertyCasualty360 reports that, according to new data from Moody’s, a group of 20 U.S. property and casualty insurers generated net income of $69 billion last year, up from $53.4 billion in 2024.
“Better underwriting performance and slightly lower catastrophe losses helped boost profitability,” the article states. “The group had $19 billion in catastrophe losses in 2025 compared to $20.8 billion in 2024.”
It adds that, combined, the 20 insurers increased net premiums written by more than 5% to $411.6 billion in 2025, “due largely to premium increases and higher policy counts for some personal lines insurers.” The article doesn’t list the 20 insurers, but notes that Progressive made up 40% of the group’s premium growth.
“Moody’s expects the industry to generate solid, but likely lower, returns in 2026,” the article states. “Rate increases are slowing, but the industry is well-capitalized, reinsurance buyers are benefiting from lower rates, and AI is expected to generate efficiencies and revenue growth going forward.”
In February, State Farm declared a one-time $5 billion cashback dividend to auto policyholders after the company ended 2025 with net income of $12.9 billion, more than double its $5.3 billion net income in 2024.
The insurance company’s net worth for 2025 was $170 billion, compared to $145 billion at the end of 2024.
Allstate also announced that it was reducing premiums for 7.8 million auto and homeowners insurance customers by an average of 17% after more than doubling its net income in 2025.
Allstate’s net income to common shareholders was $10.2 billion for 2025, compared to $4.6 billion in 2024.
State Farm continued to hold the largest market share in auto insurance in 2025, at 18.64%, according to recent data released by the National Association of Insurance Commissioners (NAIC).
Progressive followed closely with 18.60%.
Together, the two hold 37.24% of the entire auto insurance market.
Berkshire Hathaway Group, owner of GEICO (11.56%) and Allstate (10.15%), is the only other two insurers with double-digit market share percentages.
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