Progressive Reports July 2024 Results
Progressive (NYSE:PGR) reported strong results for July 2024, with net premiums written of $6,378.5 million and net income of $813.5 million. The company's combined ratio improved to 88.0 from 90.6 in the prior year. Progressive saw significant growth in policies in force, with total personal auto policies increasing by 12% year-over-year to 22 million. The company also experienced growth in other segments, with total personal lines up 11% and property business up 13%. Progressive's strong performance in July 2024 demonstrates its continued success in expanding its customer base and improving profitability across its insurance offerings.
Progressive (NYSE:PGR) ha riportato risultati solidi per luglio 2024, con premi netti scritti pari a 6.378,5 milioni di dollari e un reddito netto di 813,5 milioni di dollari. Il rapporto combinato dell'azienda è migliorato a 88,0 rispetto al 90,6 dell'anno precedente. Progressive ha registrato una significativa crescita nel numero di polizze attive, con un aumento del 12% delle polizze auto personali rispetto all'anno precedente, arrivando a 22 milioni. L'azienda ha anche visto una crescita in altri segmenti, con le linee personali totali in aumento dell'11% e il settore immobiliare in aumento del 13%. La forte performance di Progressive a luglio 2024 dimostra il suo continuo successo nell'espansione della propria base clienti e nel miglioramento della redditività delle sue offerte assicurative.
Progressive (NYSE:PGR) reportó resultados sólidos para julio de 2024, con primas netas escritas de 6,378.5 millones de dólares y un ingreso neto de 813.5 millones de dólares. La relación combinada de la compañía mejoró a 88.0 desde el 90.6 del año anterior. Progressive experimentó un crecimiento significativo en las pólizas en vigor, con un aumento del 12% en las pólizas de auto personales interanual, alcanzando los 22 millones. La empresa también vio crecimiento en otros segmentos, con un aumento del 11% en líneas personales y un incremento del 13% en el negocio inmobiliario. El sólido desempeño de Progressive en julio de 2024 demuestra su continuo éxito en la expansión de su base de clientes y en la mejora de la rentabilidad de sus ofertas de seguros.
프로그레시브 (NYSE:PGR)는 2024년 7월에 63억 7,850만 달러의 순보험료와 8억 1,350만 달러의 순이익을 기록하며 강력한 실적을 보고했습니다. 회사의 종합비율은 90.6에서 88.0으로 개선되었습니다. 프로그레시브는 유효한 보험증권의 상당한 성장을 보았으며, 개인 자동차 보험이 전년 대비 12% 증가하여 2200만 건에 도달했습니다. 또한 개인 보험 라인이 11% 증가하고 재산 사업은 13% 증가했습니다. 2024년 7월에 프로그레시브의 강력한 성과는 고객 기반 확장과 보험 상품의 수익성 향상에서의 지속적인 성공을 보여줍니다.
Progressive (NYSE:PGR) a annoncé de solides résultats pour juillet 2024, avec des primes nettes souscrites de 6 378,5 millions de dollars et un revenu net de 813,5 millions de dollars. Le taux de combinaison de l'entreprise s'est amélioré à 88,0 contre 90,6 l'année précédente. Progressive a connu une croissance significative des polices en vigueur, avec une augmentation de 12 % des polices d'assurance automobile personnelles d'une année sur l'autre, atteignant 22 millions. L'entreprise a également enregistré une croissance dans d'autres segments, avec les lignes personnelles totales en hausse de 11 % et la branche immobilière en hausse de 13 %. Les solides performances de Progressive en juillet 2024 démontrent son succès continu dans l'expansion de sa base de clients et l'amélioration de sa rentabilité à travers ses offres d'assurance.
Progressive (NYSE:PGR) hat für Juli 2024 starke Ergebnisse berichtet, mit geschriebenen Nettoprämien von 6.378,5 Millionen US-Dollar und einem Nettogewinn von 813,5 Millionen US-Dollar. Die Kombinationsquote des Unternehmens verbesserte sich auf 88,0 im Vergleich zu 90,6 im Vorjahr. Progressive verzeichnete ein signifikantes Wachstum bei aktiven Policen, mit einem Anstieg der persönlichen Kfz-Policen um 12% im Vergleich zum Vorjahr auf 22 Millionen. Das Unternehmen erlebte auch Wachstum in anderen Segmenten, mit einem Anstieg der gesamten persönlichen Linien um 11% und einem Anstieg des Immobiliengeschäfts um 13%. Die starke Leistung von Progressive im Juli 2024 zeigt den fortdauernden Erfolg bei der Erweiterung der Kundenbasis und der Verbesserung der Rentabilität seiner Versicherungsangebote.
- Net income of $813.5 million for July 2024
- Combined ratio improved to 88.0 from 90.6 year-over-year
- Total personal auto policies increased by 12% to 22 million
- Total personal lines policies grew by 11% year-over-year
- Property business policies increased by 13% compared to July 2023
- None.
Insights
Progressive's July 2024 results show strong performance with a combined ratio of 88.0, improving from 90.6 in the prior year. This indicates better underwriting profitability. The company reported
Progressive's results reflect broader trends in the auto insurance market. The
Progressive's strong performance in direct-to-consumer channels highlights the effectiveness of their digital transformation efforts. Tools like Name Your Price®, Snapshot® and HomeQuote Explorer® are likely contributing to customer acquisition and retention. The
MAYFIELD VILLAGE, OHIO, Aug. 14, 2024 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month ended July 31, 2024:
| July | ||
| (millions, except per share amounts and ratios; unaudited) | 2024 | |
| Net premiums written | $ | 6,378.5 |
| Net premiums earned | $ | 6,066.1 |
| Net income | $ | 813.5 |
| Per share available to common shareholders | $ | 1.38 |
| Total pretax net realized gains (losses) on securities | $ | 62.2 |
| Combined ratio – current year | 88.0 | |
| – prior year month | 90.6 | |
| Average diluted equivalent common shares | 587.7 | |
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.
| July 31, | |||||
| (thousands; unaudited) | 2024 | 2023 | % Change | ||
| Policies in Force | |||||
| Personal Lines | |||||
| Agency – auto | 9,127.6 | 8,431.7 | 8 | ||
| Direct – auto | 12,880.7 | 11,211.2 | 15 | ||
| Total personal auto | 22,008.3 | 19,642.9 | 12 | ||
| Total special lines | 6,391.1 | 5,904.0 | 8 | ||
| Total Personal Lines | 28,399.4 | 25,546.9 | 11 | ||
| Total Commercial Lines | 1,120.3 | 1,105.6 | 1 | ||
| Total Property business | 3,378.7 | 2,987.8 | 13 | ||
| Companywide Total | 32,898.4 | 29,640.3 | 11 | ||
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 July 2024 Complete Earnings Release
FAQ
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