Progressive Reports August 2024 Results
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 (NYSE:PGR) ha riportato risultati solidi per agosto 2024. I premi netti scritti hanno raggiunto i 6.507,1 milioni di dollari, mentre il reddito netto si è attestato a 935,3 milioni di dollari. L'azienda ha raggiunto un risultato combinato impressionante del 85,5%, notevolmente migliorato rispetto al 97,2% dell'anno precedente. Le polizze in vigore sono cresciute in tutti i segmenti, con un aumento complessivo delle polizze auto personali del 15% rispetto all'anno precedente, arrivando a 22,4 milioni. Il totale delle polizze dell'azienda è aumentato del 13% a 33,4 milioni. Le performance solide di Progressive in agosto 2024 riflettono la continua crescita e una redditività migliorata nel mercato assicurativo.
Progressive (NYSE:PGR) informó resultados sólidos para agosto de 2024. Las primas netas escritas alcanzaron los 6,507.1 millones de dólares, mientras que el ingreso neto fue de 935.3 millones de dólares. La compañía logró un cociente combinado impresionante del 85.5%, mejorado significativamente desde el 97.2% del año anterior. Las pólizas en vigor crecieron en todos los segmentos, con un incremento del 15% en las pólizas de auto personales interanualmente, alcanzando los 22.4 millones. El total de pólizas de la compañía aumentó un 13% a 33.4 millones. El sólido desempeño de Progressive en agosto de 2024 refleja su continuo crecimiento y mejor rentabilidad en el mercado de seguros.
프로그레시브(뉴욕증권거래소:PGR)는 2024년 8월에 강력한 실적을 보고했습니다. 순보험료는 65억 7,100만 달러에 도달했으며, 순이익은 9억 3,530만 달러에 달했습니다. 회사는 85.5%의 인상적인 종합 비율을 달성했으며, 이는 지난해 97.2%에서 상당히 개선된 수치입니다. 유효보험증권은 모든 세그먼트에서 증가했으며, 개인 자동차 보험증권은 전년 대비 15% 증가하여 2,240만 개에 이릅니다. 회사의 전체 보험증권 수는 1,334만 개로 13% 증가했습니다. 2024년 8월의 프로그레시브의 강력한 성과는 보험 시장에서의 지속적인 성장과 개선된 수익성을 반영합니다.
Progressive (NYSE:PGR) a annoncé de bons résultats pour août 2024. Les primes nettes souscrites ont atteint 6 507,1 millions de dollars, tandis que le revenu net s'est établi à 935,3 millions de dollars. L'entreprise a réalisé un taux combiné impressionnant de 85,5%, en nette amélioration par rapport à 97,2% l'année précédente. Les polices en cours ont augmenté dans tous les segments, avec une hausse de 15% d'une année sur l'autre des polices d'assurance automobile personnelle, atteignant 22,4 millions. Le total des polices de l'entreprise a augmenté de 13% pour atteindre 33,4 millions. La solide performance de Progressive en août 2024 reflète sa croissance continue et son amélioration de rentabilité sur le marché de l'assurance.
Progressive (NYSE:PGR) berichtete von starken Ergebnissen für August 2024. Die netto geschriebenen Prämien erreichten 6.507,1 Millionen Dollar, während der Nettogewinn bei 935,3 Millionen Dollar lag. Das Unternehmen erzielte ein beeindruckendes Combined Ratio von 85,5%, was eine signifikante Verbesserung gegenüber 97,2% im Vorjahr darstellt. Die in Kraft befindlichen Policen wuchsen in allen Segmenten, wobei die Gesamtzahl der privaten Kfz-Policen im Jahresvergleich um 15% auf 22,4 Millionen anstieg. Die Gesamtzahl der Policen des Unternehmens stieg um 13% auf 33,4 Millionen. Die starke Leistung von Progressive im August 2024 spiegelt das kontinuierliche Wachstum und die verbesserte Rentabilität im Versicherungsmarkt wider.
- Net income of $935.3 million for August 2024
- Combined ratio improved to 85.5% from 97.2% year-over-year
- Total personal auto policies increased by 15% to 22.4 million
- Companywide total policies grew by 13% to 33.4 million
- Net premiums written reached $6,507.1 million
- None.
Insights
Progressive's August 2024 results demonstrate robust performance. The combined ratio of 85.5% is significantly better than the prior year's 97.2%, indicating improved underwriting profitability. Net income of
The company's growth is impressive, with total policies in force up
Overall, this report indicates Progressive is executing well in a competitive insurance market, balancing growth with profitability. The improved combined ratio is particularly noteworthy, suggesting potential for sustained earnings growth.
Progressive's August results reveal significant market share gains. The
The
Progressive's strong performance across multiple segments demonstrates effective multi-channel distribution and product diversification strategies. This positions the company well to capture market share in various insurance verticals, potentially pressuring competitors and reshaping the competitive landscape.
MAYFIELD VILLAGE, OHIO, Sept. 13, 2024 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month ended August 31, 2024:
| August | ||
| (millions, except per share amounts and ratios; unaudited) | 2024 | |
| Net premiums written | $ | 6,507.1 |
| Net premiums earned | $ | 5,967.9 |
| Net income | $ | 935.3 |
| Per share available to common shareholders | $ | 1.59 |
| Total pretax net realized gains (losses) on securities | $ | 104.0 |
| Combined ratio – current year | 85.5 | |
| – prior year month | 97.2 | |
| Average diluted equivalent common shares | 587.6 | |
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.
| August 31, | |||||
| (thousands; unaudited) | 2024 | 2023 | % Change | ||
| Policies in Force | |||||
| Personal Lines | |||||
| Agency – auto | 9,278.2 | 8,377.0 | 11 | ||
| Direct – auto | 13,131.7 | 11,150.8 | 18 | ||
| Total personal auto | 22,409.9 | 19,527.8 | 15 | ||
| Total special lines | 6,445.7 | 5,934.3 | 9 | ||
| Total Personal Lines | 28,855.6 | 25,462.1 | 13 | ||
| Total Commercial Lines | 1,126.3 | 1,105.6 | 2 | ||
| Total Property business | 3,429.7 | 3,007.2 | 14 | ||
| Companywide Total | 33,411.6 | 29,574.9 | 13 | ||
See Progressive’s complete monthly earnings release 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 August 2024 Complete Earnings Release
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