Todd Combs Bids Farewell to Geico Employees in Open Letter
Todd Combs expressed his gratitude to Geico employees in a farewell letter, highlighting the company’s transformation. Combs, who served as CEO since 2020, emphasized his pride in leading the auto insurer, which is owned by Berkshire Hathaway. He described the journey as a significant honor and privilege.
Todd Combs’ Farewell to Geico Employees
In his farewell message, Combs conveyed confidence in Geico’s potential for growth and ongoing evolution. He stated that the company is gaining “tremendous momentum,” attributing this success to the dedication of its employees. Combs is stepping down to join JPMorgan Chase as the head of its Strategic Investment Group.
Leadership Transition
Combs praised his successor, Nancy Pierce, who has nearly 40 years of experience at Geico, most recently serving as the operating chief. He believes she is exceptionally qualified to elevate the company further and maintain its positive trajectory.
Financial Performance Under Combs
During Combs’ tenure, Geico experienced a remarkable turnaround. The company shifted from a pre-tax underwriting loss of $1.9 billion in 2023 to a profit of $3.6 billion in 2024. This was followed by even greater success, culminating in a profit of $7.8 billion for the financial year 2025.
- 2023: Pre-tax underwriting loss of $1.9 billion
- 2024: Profit of $3.6 billion
- 2025: Profit of $7.8 billion
As Combs transitions out of his role, Warren Buffett commended him for reshaping Geico significantly. In his annual letter, Buffett highlighted Combs’ ability to improve efficiency and modernize underwriting practices.
Conclusion
Todd Combs concludes his time at Geico with a heartfelt message of appreciation. His departure marks a significant chapter in the company’s history, emphasizing a future poised for further growth under new leadership. El-Balad will continue to follow the developments at Geico as the company embarks on this new journey.
