Progressive Reports May 2024 Results
Rhea-AI Summary
Progressive (NYSE: PGR) reported its financial results for May 2024, showing significant growth in key areas. Net premiums written increased to $5,975.1 million, and net premiums earned reached $5,857.5 million. The company reported a net income of $235.7 million, translating to $0.40 per share for common shareholders. However, the combined ratio for the current year stood at 100.4, slightly higher than the prior year's 99.0. Policies in force also saw an 8% increase year-over-year, with personal auto policies rising to 21,252.1 thousand. Progressive acknowledged a calendar change in October 2023 that may affect year-over-year monthly comparisons through September 2024.
Positive
- Net premiums written increased to $5,975.1 million.
- Net premiums earned reached $5,857.5 million.
- Net income reported at $235.7 million, translating to $0.40 per share.
- Policies in force saw an 8% increase year-over-year.
- Total personal auto policies rose to 21,252.1 thousand.
- Property business policies grew by 12% year-over-year.
Negative
- The combined ratio for the current year increased to 100.4 from the prior year's 99.0.
- The calendar change in October 2023 may affect year-over-year monthly comparisons, potentially impacting investor analysis.
News Market Reaction – PGR
On the day this news was published, PGR gained 0.16%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
MAYFIELD VILLAGE, OHIO, June 14, 2024 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month ended May 31, 2024:
| May | ||
| (millions, except per share amounts and ratios; unaudited) | 2024 | |
| Net premiums written | $ | 5,975.1 |
| Net premiums earned | $ | 5,857.5 |
| Net income | $ | 235.7 |
| Per share available to common shareholders | $ | 0.40 |
| Total pretax net realized gains (losses) on securities | $ | 117.6 |
| Combined ratio – current year | 100.4 | |
| – prior year month | 99.0 | |
| Average diluted equivalent common shares | 587.4 | |
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.
| May 31, | |||||
| (thousands; unaudited) | 2024 | 2023 | % Change | ||
| Policies in Force | |||||
| Personal Lines | |||||
| Agency – auto | 8,869.4 | 8,423.2 | 5 | ||
| Direct – auto | 12,382.7 | 11,243.3 | 10 | ||
| Total personal auto | 21,252.1 | 19,666.5 | 8 | ||
| Total special lines | 6,247.4 | 5,787.0 | 8 | ||
| Total Personal Lines | 27,499.5 | 25,453.5 | 8 | ||
| Total Commercial Lines | 1,114.1 | 1,095.3 | 2 | ||
| Total Property business | 3,305.2 | 2,957.5 | 12 | ||
| Companywide Total | 31,918.8 | 29,506.3 | 8 | ||
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 May 2024 Complete Earnings Release
FAQ
What were Progressive's net premiums written for May 2024?
What was Progressive's net income in May 2024?
How did Progressive's combined ratio change in May 2024?
What was the year-over-year percentage increase in Progressive's personal auto policies?
How much did Progressive's property business policies grow year-over-year?
What impact might the calendar change in October 2023 have on Progressive's reports?
