Progressive Reports September 2024 Results
Rhea-AI Summary
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.
Positive
- Net premiums written increased by 25% to $19,455.6 million for Q3 2024
- Net income more than doubled to $2,333.4 million, a 108% increase
- Combined ratio improved to 89.0 for Q3 2024, down 3.4 points year-over-year
- Total personal auto policies increased by 17% to 22,803,500
- Total policies across all lines grew by 14% to 33,868,600
Negative
- None.
Insights
Progressive's September 2024 results showcase impressive growth and profitability. Net premiums written increased by
The company's combined ratio improved significantly to
Progressive's policy growth remains strong across all segments. Personal auto policies increased by
These results demonstrate Progressive's ability to expand market share while maintaining profitability, positioning the company well in the competitive insurance landscape.
Progressive's September 2024 results reveal significant market penetration and consumer adoption trends. The Direct-to-Consumer channel shows exceptional growth, with direct auto policies increasing by
The Special Lines segment, which includes motorcycles and RVs, grew by
Progressive's total policy count of 33.9 million represents a substantial market share in the U.S. insurance industry. The company's ability to grow across multiple lines of business while improving profitability demonstrates effective risk assessment and pricing strategies, potentially pressuring competitors and reshaping market dynamics in the insurance sector.
MAYFIELD VILLAGE, OHIO, Oct. 15, 2024 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month ended September 30, 2024 and the third quarter of 2024:
| September | Quarter | |||||||||
| (millions, except per share amounts and ratios; unaudited) | 2024 | 2024 | 2023 | Change | ||||||
| Net premiums written | $ | 6,570.0 | $ | 19,455.6 | $ | 15,593.8 | 25 % | |||
| Net premiums earned | $ | 6,262.7 | $ | 18,296.7 | $ | 14,894.3 | 23 % | |||
| Net income | $ | 584.6 | $ | 2,333.4 | $ | 1,121.3 | 108 % | |||
| Per share available to common shareholders | $ | 0.99 | $ | 3.97 | $ | 1.89 | 110 % | |||
| Total pretax net realized gains (losses) on securities | $ | 121.2 | $ | 287.4 | $ | (149.0 | ) | (293)% | ||
| Combined ratio | 93.4 | 89.0 | 92.4 | (3.4)pts. | ||||||
| Combined ratio – prior year month | 89.7 | |||||||||
| Average diluted equivalent common shares | 587.7 | 587.6 | 587.5 | 0 % | ||||||
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.
| September 30, | |||||
| (thousands; unaudited) | 2024 | 2023 | % Change | ||
| Policies in Force | |||||
| Personal Lines | |||||
| Agency – auto | 9,415.6 | 8,363.3 | 13 | ||
| Direct – auto | 13,387.9 | 11,154.3 | 20 | ||
| Total personal auto | 22,803.5 | 19,517.6 | 17 | ||
| Total special lines | 6,475.0 | 5,956.2 | 9 | ||
| Total Personal Lines | 29,278.5 | 25,473.8 | 15 | ||
| Total Commercial Lines | 1,130.5 | 1,110.3 | 2 | ||
| Total Property business | 3,459.6 | 3,025.2 | 14 | ||
| Companywide Total | 33,868.6 | 29,609.3 | 14 | ||
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 September 2024 Complete Earnings Release
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