Progressive Reports August 2024 Results
Rhea-AI Summary
Progressive (NYSE:PGR) reported strong results for August 2024. Net premiums written reached $6,507.1 million, while net income stood at $935.3 million. The company achieved an impressive combined ratio of 85.5%, significantly improved from 97.2% in the prior year. Policies in force grew across all segments, with total personal auto policies increasing by 15% year-over-year to 22.4 million. The company's companywide total policies rose by 13% to 33.4 million. Progressive's strong performance in August 2024 reflects its continued growth and improved profitability in the insurance market.
Positive
- Net income of $935.3 million for August 2024
- Combined ratio improved to 85.5% from 97.2% year-over-year
- Total personal auto policies increased by 15% to 22.4 million
- Companywide total policies grew by 13% to 33.4 million
- Net premiums written reached $6,507.1 million
Negative
- None.
News Market Reaction – PGR
On the day this news was published, PGR gained 2.40%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
MAYFIELD VILLAGE, OHIO, Sept. 13, 2024 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month ended August 31, 2024:
| August | ||
| (millions, except per share amounts and ratios; unaudited) | 2024 | |
| Net premiums written | $ | 6,507.1 |
| Net premiums earned | $ | 5,967.9 |
| Net income | $ | 935.3 |
| Per share available to common shareholders | $ | 1.59 |
| Total pretax net realized gains (losses) on securities | $ | 104.0 |
| Combined ratio – current year | 85.5 | |
| – prior year month | 97.2 | |
| Average diluted equivalent common shares | 587.6 | |
In October 2023, we converted our monthly accounting closing calendar to align with the Gregorian calendar. We do not expect that this change will have a material impact on our reported quarterly and annual underwriting results but it may impact our year-over-year comparisons on monthly results from October 2023 through September 2024. Therefore, during this time period, we have modified and limited the content of the earnings release, compared to our historical reporting. Click here for further discussion on the closing calendar conversion in the October 2023 release, issued November 17, 2023.
| August 31, | |||||
| (thousands; unaudited) | 2024 | 2023 | % Change | ||
| Policies in Force | |||||
| Personal Lines | |||||
| Agency – auto | 9,278.2 | 8,377.0 | 11 | ||
| Direct – auto | 13,131.7 | 11,150.8 | 18 | ||
| Total personal auto | 22,409.9 | 19,527.8 | 15 | ||
| Total special lines | 6,445.7 | 5,934.3 | 9 | ||
| Total Personal Lines | 28,855.6 | 25,462.1 | 13 | ||
| Total Commercial Lines | 1,126.3 | 1,105.6 | 2 | ||
| Total Property business | 3,429.7 | 3,007.2 | 14 | ||
| Companywide Total | 33,411.6 | 29,574.9 | 13 | ||
See Progressive’s complete monthly earnings release for additional information.
About Progressive
Progressive Insurance® makes it easy to understand, buy and use car insurance, home insurance, and other protection needs. Progressive offers choices so consumers can reach us however it's most convenient for them — online at progressive.com, by phone at 1-800-PROGRESSIVE, via the Progressive mobile app, or in-person with a local agent.
Progressive provides insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes; it is the second largest personal auto insurer in the country, a leading seller of commercial auto, motorcycle, and boat insurance, and one of the top 15 homeowners insurance carriers.
Founded in 1937, Progressive continues its long history of offering shopping tools and services that save customers time and money, like Name Your Price®, Snapshot®, and HomeQuote Explorer®.
The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, trade publicly at NYSE: PGR.
Company Contact:
Douglas S. Constantine
(440) 395-3707
investor_relations@progressive.com
The Progressive Corporation
6300 Wilson Mills Road
Mayfield Village, Ohio 44143
http://www.progressive.com
Download PDF: Progressive August 2024 Complete Earnings Release
FAQ
What was Progressive's (PGR) net income for August 2024?
How did Progressive's (PGR) combined ratio change in August 2024 compared to the previous year?
What was the growth rate of Progressive's (PGR) personal auto policies in August 2024?
How many total policies did Progressive (PGR) have in force as of August 31, 2024?
