Progressive Reports September 2024 Results
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 (NYSE:PGR) ha riportato risultati finanziari solidi per settembre 2024 e per il terzo trimestre del 2024. I premi netti scritti sono aumentati del 25% a $19.455,6 milioni per il trimestre, mentre il reddito netto è più che raddoppiato, raggiungendo $2.333,4 milioni, con un incremento del 108%. Il rapporto combinato dell'azienda è migliorato, attestandosi a 89,0 per il trimestre, con una diminuzione di 3,4 punti rispetto all'anno precedente.
Progressive ha registrato anche una crescita significativa nelle sue polizze attive, con il totale delle polizze auto personali in aumento del 17% a 22.803.500. Il totale delle polizze dell'azienda in tutte le linee è cresciuto del 14% a 33.868.600. Questi risultati dimostrano l'espansione continua di Progressive e la sua redditività migliorata nel mercato assicurativo.
Progressive (NYSE:PGR) informó resultados financieros sólidos para septiembre de 2024 y el tercer trimestre de 2024. Las primas netas suscritas aumentaron un 25% a $19,455.6 millones para el trimestre, mientras que el ingreso neto se más que duplicó a $2,333.4 millones, un incremento del 108%. El índice combinado de la empresa mejoró a 89.0 para el trimestre, bajando 3.4 puntos respecto al año anterior.
Progressive también experimentó un crecimiento significativo en sus pólizas vigentes, con un aumento del 17% en las pólizas de automóviles personales que alcanzaron las 22,803,500. El total de pólizas de la compañía en todas las líneas creció un 14% a 33,868,600. Estos resultados demuestran la continua expansión de Progressive y su mejor rentabilidad en el mercado de seguros.
프로그레시브(뉴욕증권거래소:PGR)는 2024년 9월과 2024년 3분기 동안 강력한 재무 결과를 보고했습니다. 순보험료가 25% 증가하여 분기 동안 $19,455.6 백만에 달했으며, 순이익은 2배 이상 증가하여 $2,333.4 백만에 이르렀고, 이는 108% 증가한 수치입니다. 회사의 종합 비율은 분기 동안 89.0으로 개선되어 전년 대비 3.4포인트 하락했습니다.
프로그레시브는 또한 유효한 보험증권에서 상당한 성장을 보였으며, 개인 자동차 보험증권은 17% 증가하여 22,803,500건에 달했습니다. 회사의 전체 보험증권은 14% 증가하여 33,868,600건에 이르렀습니다. 이러한 결과는 프로그레시브의 지속적인 확장과 보험 시장에서의 개선된 수익성을 보여줍니다.
Progressive (NYSE:PGR) a annoncé de solides résultats financiers pour septembre 2024 et le troisième trimestre de 2024. Les primes nettes souscrites ont augmenté de 25 % pour atteindre 19 455,6 millions de dollars pour le trimestre, tandis que le revenu net a plus que doublé à 2 333,4 millions de dollars, soit une augmentation de 108 %. Le ratio combiné de l'entreprise s'est amélioré, s'établissant à 89,0 pour le trimestre, en baisse de 3,4 points par rapport à l'année précédente.
Progressive a également connu une croissance significative de ses polices en vigueur, avec un nombre total de polices automobiles personnelles augmentant de 17 % pour atteindre 22 803 500. Le total des polices de l'entreprise dans tous les domaines a augmenté de 14 % pour atteindre 33 868 600. Ces résultats démontrent l'expansion continue de Progressive et son amélioration de rentabilité sur le marché de l'assurance.
Progressive (NYSE:PGR) hat starke finanzielle Ergebnisse für September 2024 und das dritte Quartal 2024 gemeldet. Die netto geschriebenen Prämien erhöhten sich um 25% auf 19.455,6 Millionen US-Dollar für das Quartal, während das Nettoeinkommen sich mehr als verdoppelte und 2.333,4 Millionen US-Dollar erreichte, was einem Anstieg von 108% entspricht. Das kombinierte Verhältnis des Unternehmens verbesserte sich auf 89,0 für das Quartal, was einem Rückgang von 3,4 Punkten im Vergleich zum Vorjahr entspricht.
Progressive verzeichnete auch ein signifikantes Wachstum bei den aktiven Policen, da die Anzahl der persönlichen Autopolicen um 17% auf 22.803.500 gestiegen ist. Die Gesamtpolicen des Unternehmens in allen Bereichen wuchsen um 14% auf 33.868.600. Diese Ergebnisse zeigen die anhaltende Expansion von Progressive und die verbesserte Rentabilität im Versicherungsmarkt.
- 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
- 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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