Progressive Reports February 2024 Results
The Progressive (NYSE:PGR) reported strong financial results for February 2024, with net premiums written at $5,720.5 million, net income of $737.1 million, and a combined ratio of 86.8%. The company also saw a 7% increase in total personal auto policies compared to the previous year.
The reported net premiums written by The Progressive Corporation indicate a robust growth trajectory for the company, which is a critical factor for investors as it reflects the company's ability to generate revenue through its policy sales. The increase in net premiums written, to $5,720.5 million, showcases the company's expanding market presence and customer base.
Another key indicator is the combined ratio, which at 86.8 for the current year, has improved from the prior year's 95.1. This metric is vital as it measures the profitability from underwriting activities; a ratio below 100 indicates that the company is making an underwriting profit. This improvement suggests that Progressive has managed its claims and expenses more effectively compared to the previous year, which could lead to higher profitability and potentially bolster investor confidence.
Progressive's increase in policies in force across various segments, particularly a 10% growth in the Total Property business, reflects a positive consumer response to the company's offerings and strategic initiatives. This growth is significant as it demonstrates the company's competitive positioning in the insurance market. It's also worth noting the 7% increase in both Personal Lines Agency – auto and Direct – auto, suggesting a strong consumer preference for Progressive's automotive insurance products.
However, the change in accounting closing calendar may pose challenges in making year-over-year comparisons, which could affect analysts' ability to conduct trend analysis. This change underscores the importance of understanding accounting practices when evaluating a company's financial health and performance.
The reported financials from The Progressive Corporation provide a snapshot of the company's economic health. The net income of $737.1 million, coupled with a per-share value of $1.24, indicates a solid profitability that could contribute positively to the overall economy through increased investor confidence and potential reinvestment. The positive performance might also reflect broader economic trends such as consumer spending capacity and overall demand for insurance products.
Additionally, the reported pretax net realized gains on securities of $80.7 million suggest that the company's investment activities are yielding favorable results, which can be a buffer against underwriting volatility. It is important for stakeholders to monitor such gains as part of the company's comprehensive financial performance.
03/15/2024 - 08:18 AM
MAYFIELD VILLAGE, OHIO, March 15, 2024 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month ended February 29, 2024:
February (millions, except per share amounts and ratios; unaudited) 2024 Net premiums written $ 5,720.5 Net premiums earned $ 5,129.1 Net income $ 737.1 Per share available to common shareholders $ 1.24 Total pretax net realized gains (losses) on securities $ 80.7 Combined ratio – current year 86.8 – prior year 95.1 Average diluted equivalent common shares 587.3
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.
February (thousands; unaudited) 2024 2023 % Change Policies in Force Personal Lines Agency – auto 8,461.9 8,039.7 5 Direct – auto 11,541.3 10,737.3 7 Total personal auto 20,003.2 18,777.0 7 Total special lines 6,018.9 5,603.4 7 Total Personal Lines 26,022.1 24,380.4 7 Total Commercial Lines 1,097.7 1,060.2 4 Total Property business 3,163.6 2,885.4 10 Companywide Total 30,283.4 28,326.0 7
See Progressive’s complete monthly earnings release, including the "Monthly Commentary," 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) 395-3707investor_relations@progressive.com The Progressive Corporation 6300 Wilson Mills Road Mayfield Village, Ohio 44143http://www.progressive.com
Download PDF: Progressive February 2024 Complete Earnings Release
What were the net premiums written for February 2024?
The net premiums written for February 2024 were $5,720.5 million.
What was the total net income reported for February 2024?
The total net income reported for February 2024 was $737.1 million.
What was the combined ratio for the current year?
The combined ratio for the current year was 86.8%.
What was the percentage change in total personal auto policies from 2023 to 2024?
Total personal auto policies saw a 7% increase from 2023 to 2024.
What was the total number of policies in force for Personal Lines in February 2024?
The total number of policies in force for Personal Lines in February 2024 was 26,022.1 thousand.
What is the ticker symbol for The Progressive ?
The ticker symbol for The Progressive is PGR.
PGR Rankings
#944 Ranked by Stock Gains
PGR Stock Data
Industry
Direct Property and Casualty Insurance Carriers
Sector
Finance and Insurance
Tags
Finance, Property/Casualty Insurance, Finance and Insurance, Direct Property and Casualty Insurance Carriers
Country
US
City
Mayfield Village
About PGR
progressive is a place where collaboration is encouraged, hard work is rewarded and creativity is celebrated. each of our employees has a role in our success and together, we continue to find new and better ways to satisfy our customers and move the insurance industry forward. with over 75 years of business, we ensure more than 13 million customers. people from all walks of life, all fields of business and all 50 states make up our diverse group of 26,000 talented professionals. with six large locations and hundreds of smaller claims and legal offices across the country, we collectively work toward our goal of becoming consumers’ number one choice for auto insurance.