Progressive Reports June 2024 Results
Rhea-AI Summary
Progressive (NYSE:PGR) reported strong financial results for June 2024 and Q2 2024. Net premiums written increased by 22% to $17.9 billion in Q2, while net income surged 322% to $1.46 billion. The company's combined ratio improved significantly to 91.9 for the quarter, down 8.5 points year-over-year.
Progressive's policies in force grew across all segments, with a 9% increase companywide. Notable growth was seen in personal auto (10%), special lines (8%), and property business (12%). The company's strong performance reflects its continued market leadership in personal auto insurance and growing presence in other insurance sectors.
Positive
- Net premiums written increased 22% to $17.9 billion in Q2 2024
- Net income surged 322% to $1.46 billion in Q2 2024
- Combined ratio improved to 91.9, down 8.5 points year-over-year
- Total policies in force grew 9% companywide
- Personal auto policies increased 10%
- Property business policies grew 12%
Negative
- Total pretax net realized losses on securities of $126.3 million in Q2 2024, compared to gains of $126.9 million in Q2 2023
News Market Reaction – PGR
On the day this news was published, PGR declined 3.27%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
MAYFIELD VILLAGE, OHIO, July 16, 2024 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month ended June 30, 2024 and the second quarter of 2024:
| June | Quarter | ||||||||||
| (millions, except per share amounts and ratios; unaudited) | 2024 | 2024 | 2023 | Change | |||||||
| Net premiums written | $ | 5,748.5 | $ | 17,901.6 | $ | 14,716.9 | 22 | % | |||
| Net premiums earned | $ | 5,777.0 | $ | 17,209.5 | $ | 14,464.4 | 19 | % | |||
| Net income | $ | 802.7 | $ | 1,458.7 | $ | 345.4 | 322 | % | |||
| Per share available to common shareholders | $ | 1.37 | $ | 2.48 | $ | 0.57 | 334 | % | |||
| Total pretax net realized gains (losses) on securities | $ | 22.2 | $ | (126.3 | ) | $ | 126.9 | (200 | )% | ||
| Combined ratio | 86.2 | 91.9 | 100.4 | (8.5 | )pts. | ||||||
| Combined ratio – prior year month | 104.9 | ||||||||||
| Average diluted equivalent common shares | 587.4 | 587.4 | 587.0 | 0 | % | ||||||
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.
| June 30, | |||||
| (thousands; unaudited) | 2024 | 2023 | % Change | ||
| Policies in Force | |||||
| Personal Lines | |||||
| Agency – auto | 8,964.8 | 8,437.8 | 6 | ||
| Direct – auto | 12,576.8 | 11,220.5 | 12 | ||
| Total personal auto | 21,541.6 | 19,658.3 | 10 | ||
| Total special lines | 6,311.8 | 5,843.1 | 8 | ||
| Total Personal Lines | 27,853.4 | 25,501.4 | 9 | ||
| Total Commercial Lines | 1,117.6 | 1,101.1 | 1 | ||
| Total Property business | 3,339.1 | 2,974.3 | 12 | ||
| Companywide Total | 32,310.1 | 29,576.8 | 9 | ||
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) 395-3707
investor_relations@progressive.com
The Progressive Corporation
6300 Wilson Mills Road
Mayfield Village, Ohio 44143
http://www.progressive.com
Download PDF: Progressive June 2024 Complete Earnings Release
FAQ
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