Progressive Reports November 2024 Results
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) ha riportato risultati finanziari solidi per novembre 2024. I premi netti sottoscritti sono aumentati del 18% a $5,56 miliardi, mentre i premi netti guadagnati sono cresciuti del 19% a $6,04 miliardi. L'utile netto è aumentato del 48% a $1,01 miliardi, con l'utile per azione che è salito a $1,71. L'azienda ha ottenuto un miglioramento del rapporto combinato, che si attesta a 85,6, in calo di 5,5 punti rispetto a 91,1 di novembre 2023.
Le polizze attive hanno mostrato una crescita significativa nei vari segmenti: le polizze per auto personali sono aumentate del 21% a 23,56 milioni, le linee speciali sono cresciute del 9%, le linee commerciali sono aumentate del 4% e il settore immobiliare si è espanso del 14%. Il totale delle polizze a livello aziendale ha raggiunto 34,74 milioni, segnando un aumento del 17% rispetto all'anno precedente.
Progressive (NYSE:PGR) informó resultados financieros sólidos para noviembre de 2024. Las primas netas suscritas aumentaron un 18% a $5.56 mil millones, mientras que las primas netas devengadas crecieron un 19% a $6.04 mil millones. El ingreso neto saltó un 48% a $1.01 mil millones, con ganancias por acción que aumentaron a $1.71. La compañía logró un mejor índice combinado de 85.6, una reducción de 5.5 puntos respecto a 91.1 en noviembre de 2023.
Las pólizas en vigor mostraron un crecimiento significativo en todos los segmentos: las pólizas de auto personal aumentaron un 21% a 23.56 millones, las líneas especiales crecieron un 9%, las líneas comerciales subieron un 4% y el negocio de propiedad se expandió un 14%. El total de pólizas en toda la empresa alcanzó 34.74 millones, marcando un aumento del 17% interanual.
Progressive (NYSE:PGR)는 2024년 11월에 강력한 재무 결과를 보고했습니다. 순보험료는 18% 증가하여 55억 6천만 달러에 달했으며, 순보험료 수익은 19% 증가하여 60억 4천만 달러로 성장했습니다. 순이익은 48% 증가하여 10억 1천만 달러에 달했으며, 주당 이익은 1.71달러로 상승했습니다. 회사는 2023년 11월 91.1에서 5.5포인트 하락하여 85.6의 개선된 결합 비율을 달성했습니다.
유효한 보험증권은 모든 부문에서 상당한 성장을 보였습니다: 개인 자동차 보험은 21% 증가하여 2,356만 건에 달했으며, 특별 라인은 9% 성장했고, 상업 라인은 4% 상승했으며, 재산 사업은 14% 확장되었습니다. 전체 보험증권 수는 3,474만 건에 도달하여 전년 대비 17% 증가했습니다.
Progressive (NYSE:PGR) a annoncé des résultats financiers solides pour novembre 2024. Les primes nettes souscrites ont augmenté de 18 % pour s'établir à 5,56 milliards de dollars, tandis que les primes nettes acquises ont crû de 19 % pour atteindre 6,04 milliards de dollars. Le bénéfice net a bondi de 48 % pour atteindre 1,01 milliard de dollars, avec un bénéfice par action montant à 1,71 dollar. L'entreprise a obtenu un ratio combiné amélioré de 85,6, en baisse de 5,5 points par rapport à 91,1 en novembre 2023.
Les polices en vigueur ont montré une croissance significative dans tous les segments : les polices auto personnelles ont augmenté de 21 % pour atteindre 23,56 millions de polices, les lignes spéciales ont crû de 9 %, les lignes commerciales ont augmenté de 4 % et le secteur immobilier s'est élargi de 14 %. Le nombre total de polices dans l'entreprise a atteint 34,74 millions, marquant une augmentation de 17 % par rapport à l'année précédente.
Progressive (NYSE:PGR) berichtete über starke Finanzergebnisse für November 2024. Die nettoprämien stiegen um 18% auf 5,56 Milliarden Dollar, während die verdienten nettoprämien um 19% auf 6,04 Milliarden Dollar zunahmen. Der Nettogewinn sprang um 48% auf 1,01 Milliarden Dollar, mit steigenden Erträgen pro Aktie von 1,71 Dollar. Das Unternehmen erzielte ein verbessertes kombinierte Verhältnis von 85,6, was einem Rückgang um 5,5 Punkte gegenüber 91,1 im November 2023 entspricht.
Die aktiven Policen zeigten in allen Segmenten ein signifikantes Wachstum: Die Policen für persönliche Autos stiegen um 21% auf 23,56 Millionen, Speziallinien wuchsen um 9%, gewerbliche Linien nahmen um 4% zu und das Immobiliengeschäft erweiterte sich um 14%. Die Gesamtzahl der Policen im Unternehmen erreichte 34,74 Millionen, was einen Anstieg von 17% im Vergleich zum Vorjahr bedeutet.
- 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
- 29% decrease in pretax net realized gains on securities to $175.7 million
Insights
Progressive delivered exceptional performance in November 2024, with
The direct-to-consumer auto segment showed remarkable growth with a
Progressive's November results demonstrate its continued market share expansion and operational excellence in the competitive insurance sector. The significant growth in direct-to-consumer policies highlights successful digital transformation initiatives and changing consumer preferences. The company's multi-channel distribution strategy, combining direct and agency channels, is proving effective in capturing diverse customer segments. Property insurance growth of
The substantial improvement in the combined ratio indicates disciplined underwriting and pricing strategies, particularly important in the current inflationary environment. Progressive's ability to grow premiums while improving profitability metrics positions it favorably against peers and suggests potential for continued market share gains. The strong results could catalyze positive sentiment among investors, particularly given the company's consistent execution and growth trajectory.
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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