Progressive Reports December 2024 Results
Rhea-AI Summary
Progressive (NYSE:PGR) has reported strong financial results for December 2024. Net premiums written increased by 22% to $5.96 billion for December and 20% to $18.11 billion for the quarter. Net income grew 5% to $942 million in December and 19% to $2.36 billion for the quarter. The company maintained a solid combined ratio of 84.1 in December.
Policies in force showed significant growth across segments, with Personal Lines increasing 18% to 33.8 million policies and Commercial Lines growing 4% to 1.14 million policies. Direct auto policies saw the highest growth at 25% reaching 14 million policies. However, the company experienced pretax net realized losses on securities of $140 million in December, compared to gains of $144 million in the previous year.
Positive
- Net premiums written increased 22% YoY to $5.96B in December
- Net income grew 19% to $2.36B for the quarter
- Total policies in force increased 18% YoY to 35M
- Direct auto policies grew 25% YoY to 14M
- Combined ratio improved to 87.9 from 88.7 in Q4
Negative
- Pretax net realized losses on securities of $140M in December vs $144M gain last year
- Combined ratio slightly worsened to 84.1 from 83.4 in December
News Market Reaction
On the day this news was published, PGR gained 0.55%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
MAYFIELD VILLAGE, OHIO, Jan. 29, 2025 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month and quarter ended December 31, 2024:
| December | Quarter | |||||||||||||||||||
| (millions, except per share amounts and ratios; unaudited) | 2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||||
| Net premiums written | $ | 5,964 | $ | 4,876 | 22 | % | $ | 18,105 | $ | 15,130 | 20 | % | ||||||||
| Net premiums earned | $ | 6,717 | $ | 5,310 | 26 | % | $ | 19,144 | $ | 15,773 | 21 | % | ||||||||
| Net income | $ | 942 | $ | 901 | 5 | % | $ | 2,356 | $ | 1,988 | 19 | % | ||||||||
| Per share available to common shareholders | $ | 1.60 | $ | 1.53 | 5 | % | $ | 4.01 | $ | 3.37 | 19 | % | ||||||||
| Total pretax net realized gains (losses) on securities | $ | (140 | ) | $ | 144 | (197 | ) | % | $ | (53 | ) | $ | 303 | (117 | ) | % | ||||
| Combined ratio | 84.1 | 83.4 | 0.7 | pts. | 87.9 | 88.7 | (0.8 | ) | pts. | |||||||||||
| Average diluted equivalent common shares | 587.7 | 587.4 | 0 | % | 587.7 | 587.5 | 0 | % | ||||||||||||
| December 31, | |||||
| (thousands; unaudited) | 2024 | 2023 | % Change | ||
| Policies in Force | |||||
| Personal Lines | |||||
| Agency – auto | 9,778 | 8,336 | 17 | ||
| Direct – auto | 13,996 | 11,190 | 25 | ||
| Special lines | 6,520 | 5,969 | 9 | ||
| Property | 3,517 | 3,096 | 14 | ||
| Total Personal Lines | 33,811 | 28,591 | 18 | ||
| Commercial Lines | 1,141 | 1,099 | 4 | ||
| Companywide | 34,952 | 29,690 | 18 | ||
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
300 North Commons Blvd.
Mayfield Village, Ohio 44143
http://www.progressive.com
Download PDF: Progressive December 2024 Complete Earnings Release
FAQ
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