Progressive Reports July 2024 Results
Rhea-AI Summary
Progressive (NYSE:PGR) reported strong results for July 2024, with net premiums written of $6,378.5 million and net income of $813.5 million. The company's combined ratio improved to 88.0 from 90.6 in the prior year. Progressive saw significant growth in policies in force, with total personal auto policies increasing by 12% year-over-year to 22 million. The company also experienced growth in other segments, with total personal lines up 11% and property business up 13%. Progressive's strong performance in July 2024 demonstrates its continued success in expanding its customer base and improving profitability across its insurance offerings.
Positive
- Net income of $813.5 million for July 2024
- Combined ratio improved to 88.0 from 90.6 year-over-year
- Total personal auto policies increased by 12% to 22 million
- Total personal lines policies grew by 11% year-over-year
- Property business policies increased by 13% compared to July 2023
Negative
- None.
News Market Reaction – PGR
On the day this news was published, PGR gained 5.40%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
MAYFIELD VILLAGE, OHIO, Aug. 14, 2024 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month ended July 31, 2024:
| July | ||
| (millions, except per share amounts and ratios; unaudited) | 2024 | |
| Net premiums written | $ | 6,378.5 |
| Net premiums earned | $ | 6,066.1 |
| Net income | $ | 813.5 |
| Per share available to common shareholders | $ | 1.38 |
| Total pretax net realized gains (losses) on securities | $ | 62.2 |
| Combined ratio – current year | 88.0 | |
| – prior year month | 90.6 | |
| Average diluted equivalent common shares | 587.7 | |
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.
| July 31, | |||||
| (thousands; unaudited) | 2024 | 2023 | % Change | ||
| Policies in Force | |||||
| Personal Lines | |||||
| Agency – auto | 9,127.6 | 8,431.7 | 8 | ||
| Direct – auto | 12,880.7 | 11,211.2 | 15 | ||
| Total personal auto | 22,008.3 | 19,642.9 | 12 | ||
| Total special lines | 6,391.1 | 5,904.0 | 8 | ||
| Total Personal Lines | 28,399.4 | 25,546.9 | 11 | ||
| Total Commercial Lines | 1,120.3 | 1,105.6 | 1 | ||
| Total Property business | 3,378.7 | 2,987.8 | 13 | ||
| Companywide Total | 32,898.4 | 29,640.3 | 11 | ||
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 July 2024 Complete Earnings Release
FAQ
What was Progressive's (PGR) net income for July 2024?
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