Progressive Reports November 2024 Results
Rhea-AI Summary
Progressive (NYSE:PGR) reported strong financial results for November 2024. Net premiums written increased 18% to $5.56 billion, while net premiums earned grew 19% to $6.04 billion. Net income jumped 48% to $1.01 billion, with earnings per share rising to $1.71. The company achieved an improved combined ratio of 85.6, down 5.5 points from 91.1 in November 2023.
Policies in force showed significant growth across segments: personal auto increased 21% to 23.56 million policies, special lines grew 9%, Commercial Lines rose 4%, and Property business expanded 14%. Total policies companywide reached 34.74 million, marking a 17% increase year-over-year.
Positive
- 48% increase in net income to $1.01 billion
- 18% growth in net premiums written to $5.56 billion
- Combined ratio improved by 5.5 points to 85.6
- 21% growth in personal auto policies to 23.56 million
- 17% increase in total policies to 34.74 million
Negative
- 29% decrease in pretax net realized gains on securities to $175.7 million
News Market Reaction
On the day this news was published, PGR gained 3.72%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
MAYFIELD VILLAGE, OHIO, Dec. 13, 2024 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month ended November 30, 2024:
| November | |||||||||
| (millions, except per share amounts and ratios; unaudited) | 2024 | 2023 | Change | ||||||
| Net premiums written | $ | 5,563.3 | $ | 4,725.1 | 18 | % | |||
| Net premiums earned | $ | 6,040.4 | $ | 5,079.0 | 19 | % | |||
| Net income | $ | 1,005.8 | $ | 680.6 | 48 | % | |||
| Per share available to common shareholders | $ | 1.71 | $ | 1.15 | 48 | % | |||
| Total pretax net realized gains (losses) on securities | $ | 175.7 | $ | 246.5 | (29 | ) | % | ||
| Combined ratio | 85.6 | 91.1 | (5.5 | ) | pts. | ||||
| Average diluted equivalent common shares | 587.7 | 587.6 | 0 | % | |||||
| November 30, | |||||
| (thousands; unaudited) | 2024 | 2023 | % Change | ||
| Policies in Force | |||||
| Personal Lines | |||||
| Agency – auto | 9,700.5 | 8,312.4 | 17 | ||
| Direct – auto | 13,863.6 | 11,129.5 | 25 | ||
| Total personal auto | 23,564.1 | 19,441.9 | 21 | ||
| Total special lines | 6,516.4 | 5,965.3 | 9 | ||
| Total Personal Lines | 30,080.5 | 25,407.2 | 18 | ||
| Total Commercial Lines | 1,143.6 | 1,104.7 | 4 | ||
| Total Property business | 3,515.1 | 3,070.9 | 14 | ||
| Companywide Total | 34,739.2 | 29,582.8 | 17 | ||
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
300 North Commons Blvd.
Mayfield Village, Ohio 44143
http://www.progressive.com
Download PDF: Progressive November 2024 Complete Earnings Release
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