Progressive Corporation - PGR STOCK NEWS

Progressive (PGR) reported strong growth in October 2024, with net premiums written rising 19% to $6.57 billion and net premiums earned increasing 19% to $6.38 billion compared to October 2023. Net income showed modest growth of 1% to $408.2 million. The company's combined ratio increased by 2.4 points to 94.1. Notable growth was seen in policies in force, with personal auto increasing 19% to 23.2 million policies, and total companywide policies growing 16% to 34.3 million.

Progressive Insurance announced its 12th annual Keys to Progress vehicle giveaway event on November 14, 2024, donating 96 vehicles to veterans nationwide. The program, launched in 2013, has provided more than 1,100 vehicles to veterans and their families. The 2024 event will take place across multiple cities in the United States, with support from organizations including Enterprise Rent-A-Car, which provides six months of auto insurance coverage, and Veracity Research Co. Investigations for recipient selection. The initiative aims to provide reliable transportation to help veterans progress in their lives.

Progressive Insurance launches 'The Fantasy Backup Plan' sweepstakes, offering fantasy football players in the bottom half of their leagues a chance to win prizes totaling $59,000. The initiative comes after a survey revealed 44% of players typically abandon their teams before season's end, with Week 10 being the most common dropout point. Six weekly winners will receive $5,900 each, while one grand prize winner will get $23,600. The campaign features fantasy football analyst Matthew Berry and extends Progressive's 2024 football campaign 'The Backup,' which includes TV spots with backup quarterbacks demonstrating the importance of having backup support.

Progressive (NYSE: PGR) has announced an Investor Relations conference call scheduled for Tuesday, November 5, 2024, at 9:30 a.m. eastern time. The 60-minute call will feature CEO Tricia Griffith and CFO John Sauerland in a question-and-answer format. While phone participants can ask questions, webcast viewers will not have this option.

The company plans to release its Quarterly Report on Form 10-Q and Shareholders' Report, including the CEO's Letter to Shareholders, on November 4, 2024. The webcast replay will be available approximately two hours after the call and remain accessible until November 6, 2025, through Progressive's investor website.

Progressive Insurance has committed over $3 million to support disaster relief efforts following Hurricanes Helene and Milton. The company's aid package includes: a $1 million donation to the American Red Cross, $1 million for agent relief (with $800,000 allocated to the Big 'I' Trusted Choice Relief Fund), and $1.4 million to its Employee Relief Fund. The Employee Relief Fund, which has a total allocation of $5 million for 2024, assists employees facing hardships from natural disasters or personal circumstances through the Emergency Assistance Foundation.

Progressive (NYSE:PGR) reported strong financial results for September 2024 and the third quarter of 2024. Net premiums written increased by 25% to $19,455.6 million for the quarter, while net income more than doubled to $2,333.4 million, a 108% increase. The company's combined ratio improved to 89.0 for the quarter, down 3.4 points from the previous year.

Progressive also saw significant growth in its policies in force, with total personal auto policies increasing by 17% to 22,803,500. The company's total policies across all lines grew by 14% to 33,868,600. These results demonstrate Progressive's continued expansion and improved profitability in the insurance market.

Progressive Insurance® is continuing its Keys to Progress® program for the 12th year, gifting a 2022 Freightliner Cascadia truck to a U.S. Marine Corp veteran in Houston, Texas. This initiative aims to support veterans in transitioning from drivers to owner-operators by addressing the significant capital expense of starting a trucking business. The recipient, 22-year veteran U.S. Marine Corp Retired Gunnery Sergeant Ondrae Meyers, specializes in heavy and medium motor transport.

The program, part of Progressive's commitment to assisting military veterans, has donated over 1,000 vehicles since 2013. On November 14, 2024, additional veterans and veteran-related organizations will receive vehicles nationwide. The truck giveaway involves partnerships with SelecTrucks of Houston, 1-800-Charity Cars, and Veracity Research Co. Investigations.

Progressive (NYSE:PGR) reported strong results for August 2024. Net premiums written reached $6,507.1 million, while net income stood at $935.3 million. The company achieved an impressive combined ratio of 85.5%, significantly improved from 97.2% in the prior year. Policies in force grew across all segments, with total personal auto policies increasing by 15% year-over-year to 22.4 million. The company's companywide total policies rose by 13% to 33.4 million. Progressive's strong performance in August 2024 reflects its continued growth and improved profitability in the insurance market.

Progressive Insurance, in collaboration with Hello Alice, has announced the 2024 recipients of their Driving Small Business Forward grant program. 20 small business owners will each receive a $50,000 grant to use toward purchasing a commercial vehicle for their business. The program aims to support entrepreneurs by improving access to capital for transportation needs.

Recipients were selected based on their business's impact on local communities. They will also have the opportunity to participate in Boost Camp, a business coaching program from Hello Alice. This initiative reflects Progressive's commitment to fostering progress in business and supporting the significant role small businesses play in the U.S. economy.