Welcome to our dedicated page for Progressive Corporation news (Ticker: PGR), a resource for investors and traders seeking the latest updates and insights on Progressive Corporation stock.
Progressive Corporation (NYSE: PGR) is a leading American insurance company specializing in auto and home insurance. Established in 1937 and headquartered in Mayfield Village, Ohio, Progressive has grown to become the second largest auto insurer in the United States and a major player in the homeowners insurance market.
Progressive is well-known for its innovative insurance solutions, offering products for personal and commercial autos, motorcycles, boats, recreational vehicles, and homes. The company's unique services, such as Name Your Price® and Snapshot®, have revolutionized the industry by giving customers more control over their insurance choices. With almost 20 million auto policies in force, Progressive serves over 13 million customers across all 50 states through a robust distribution network of independent agents, online platforms, and direct marketing channels.
Recently, Progressive has focused on expanding its workforce to support its continued growth. In 2024, the company announced a significant hiring initiative to fill various roles, including remote, in-office, and hybrid positions across claims, customer care, IT, legal, and corporate functions. This effort aims to enhance customer service and support the company's expanding customer base.
Progressive's financial health is robust, reflecting consistent year-over-year increases in policies and total revenue. In 2023, the company reported a 25% increase in total revenue compared to the previous year. Progressive's commitment to innovation and customer satisfaction has earned it a spot on FORTUNE's 100 Best Companies to Work For® in 2024, highlighting its inclusive and forward-thinking corporate culture.
For investors, Progressive's stock (PGR) offers a stable and promising opportunity, backed by solid financial performance and a strong business model. The company regularly updates its shareholders with detailed earnings releases and is transparent about its financial operations and strategic initiatives.
Progressive continues to lead the insurance industry with a focus on customer-centric solutions, operational excellence, and a commitment to its employees' and stakeholders' well-being. For more information, visit their website at progressive.com.
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.
Progressive (NYSE:PGR) has announced its dividend distribution plans. The Board of Directors declared an annual common share dividend of $4.50 and a quarterly dividend of $0.10 per share, both payable on January 16, 2025, to shareholders of record as of January 9, 2025.
The company determined the 2024 annual dividend amount based on its capital position, resources, and anticipated capital requirements. The Board expects to continue declaring quarterly dividends throughout 2025. Additionally, Progressive set March 14, 2025, as the record date for shareholder participation in the Annual Meeting scheduled for May 9, 2025.
Progressive Insurance has launched Accident Response, a new safety feature available nationwide through its mobile app. The feature uses phone sensors to detect major accidents and automatically contacts the driver to offer assistance. If help is needed, users can request emergency services or tow trucks through the app or with a live agent. In cases of severe accidents without response, emergency services are automatically dispatched.
The feature's launch is timely as winter approaches, considering that 70% of US roads are in snow-prone areas, with over 116,800 people injured annually in crashes on snowy, slushy, or icy pavement. The service is free to use, though service costs depend on the customer's auto policy coverage. The feature is not available in California.
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.
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