Progressive Corporation reports October 2024 net premiums written increased 19%, with net income slightly up at $408.2 million.
Quiver AI Summary
The Progressive Corporation announced its financial results for October 2024, highlighting a 19% increase in both net premiums written and net premiums earned compared to the same month in 2023. The company reported a net income of $408.2 million, a marginal rise from $406.0 million, equating to earnings per share of $0.69. The combined ratio worsened slightly to 94.1, an increase of 2.4 percentage points. The number of policies in force also grew, with personal auto policies rising 19% to approximately 23.2 million. Overall, the results reflect Progressive's continued growth in the insurance market, including personal and commercial lines.
Potential Positives
- Net premiums written increased by 19%, indicating strong growth in the company's insurance business.
- Net income rose to $408.2 million, a 1% increase compared to the previous year, demonstrating stability and profitability.
- Policies in force for personal auto increased by 19%, highlighting the company's expanding customer base.
- Progressive maintained a strong position as the second largest personal auto insurer in the country, reinforcing its market presence and competitiveness.
Potential Negatives
- Despite a 19% increase in net premiums written and earned, the combined ratio worsened, indicating a decline in underwriting profitability with a 2.4-point increase from the previous year.
- The total pretax net realized losses on securities indicate potential volatility in investment performance, which could impact future financial stability.
- The growth in policies in force was not matched by a corresponding rise in net income, reflecting potential challenges in managing expenses or claims costs in a growing market.
FAQ
What were Progressive's net premiums written for October 2024?
Progressive reported net premiums written of $6,577.8 million for October 2024, a 19% increase from the previous year.
How did Progressive's net income change in October 2024?
Progressive's net income for October 2024 was $408.2 million, a slight increase of 1% from $406.0 million in October 2023.
What is Progressive's combined ratio for October 2024?
The combined ratio for Progressive in October 2024 was 94.1, which reflects an increase of 2.4 points from the previous year.
How many personal auto policies did Progressive have in force as of October 31, 2024?
As of October 31, 2024, Progressive had 23,233.9 thousand personal auto policies in force, a 19% increase from 2023.
What services does Progressive Insurance offer?
Progressive Insurance provides car, home, commercial auto, motorcycle, and boat insurance, among other protection products.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$PGR Congressional Stock Trading
Members of Congress have traded $PGR stock 1 times in the past 6 months. Of those trades, 0 have been purchases and 1 have been sales.
Here’s a breakdown of recent trading of $PGR stock by members of Congress over the last 6 months:
- REPRESENTATIVE JOSH GOTTHEIMER sold up to $15,000 on 06/21.
To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard.
$PGR Insider Trading Activity
$PGR insiders have traded $PGR stock on the open market 23 times in the past 6 months. Of those trades, 0 have been purchases and 23 have been sales.
Here’s a breakdown of recent trading of $PGR stock by insiders over the last 6 months:
- STEVEN BROZ (Chief Information Officer) has traded it 5 times. They made 0 purchases and 5 sales, selling 18,185 shares.
- DYKE KAHINA VAN sold 2,180 shares.
- PATRICK K CALLAHAN (Personal Lines President) has traded it 3 times. They made 0 purchases and 3 sales, selling 23,323 shares.
- SUSAN PATRICIA GRIFFITH (President and CEO) has traded it 2 times. They made 0 purchases and 2 sales, selling 86,741 shares.
- JOHN JO MURPHY (Claims President) sold 9,512 shares.
- JONATHAN S. BAUER (Chief Investment Officer) has traded it 2 times. They made 0 purchases and 2 sales, selling 4,514 shares.
- ANDREW J QUIGG (Chief Strategy Officer) sold 3,975 shares.
- JOHN P SAUERLAND (VP and Chief Financial Officer) has traded it 3 times. They made 0 purchases and 3 sales, selling 45,165 shares.
- LORI A NIEDERST (CRM President) sold 9,507 shares.
- KAREN BAILO (Commercial Lines President) sold 7,882 shares.
- ROGER N FARAH sold 5,039 shares.
- PHILIP BLESER sold 2,129 shares.
- MARIANN WOJTKUN MARSHALL (Chief Accounting Officer) sold 650 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$PGR Hedge Fund Activity
We have seen 850 institutional investors add shares of $PGR stock to their portfolio, and 677 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- GQG PARTNERS LLC added 3,085,668 shares (+inf%) to their portfolio in Q3 2024
- CAPITAL RESEARCH GLOBAL INVESTORS added 2,500,350 shares (+124.4%) to their portfolio in Q3 2024
- BANK OF AMERICA CORP /DE/ removed 2,498,898 shares (-14.7%) from their portfolio in Q3 2024
- GEODE CAPITAL MANAGEMENT, LLC added 1,682,213 shares (+13.2%) to their portfolio in Q3 2024
- APG ASSET MANAGEMENT N.V. removed 1,680,047 shares (-88.9%) from their portfolio in Q3 2024
- NUVEEN ASSET MANAGEMENT, LLC added 1,236,867 shares (+28.8%) to their portfolio in Q2 2024
- UBS ASSET MANAGEMENT AMERICAS LLC added 1,181,986 shares (+33.2%) to their portfolio in Q2 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
MAYFIELD VILLAGE, OHIO, Nov. 15, 2024 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month ended October 31, 2024:
| October | ||||||||||
| (millions, except per share amounts and ratios; unaudited) | 2024 | 2023 | Change | |||||||
| Net premiums written | $ | 6,577.8 | $ | 5,528.8 | 19 | % | ||||
| Net premiums earned | $ | 6,387.0 | $ | 5,383.2 | 19 | % | ||||
| Net income | $ | 408.2 | $ | 406.0 | 1 | % | ||||
| Per share available to common shareholders | $ | 0.69 | $ | 0.68 | 1 | % | ||||
| Total pretax net realized gains (losses) on securities | $ | (88.0 | ) | $ | (87.1 | ) | 1 | % | ||
| Combined ratio | 94.1 | 91.7 | 2.4 | pts. | ||||||
| Average diluted equivalent common shares | 587.7 | 587.6 | 0 | % | ||||||
| October 31, | |||||
|
(thousands; unaudited)
|
2024 | 2023 | % Change | ||
| Policies in Force | |||||
| Personal Lines | |||||
| Agency – auto | 9,580.9 | 8,336.4 | 15 | ||
| Direct – auto | 13,653.0 | 11,142.2 | 23 | ||
| Total personal auto | 23,233.9 | 19,478.6 | 19 | ||
| Total special lines | 6,504.4 | 5,964.4 | 9 | ||
| Total Personal Lines | 29,738.3 | 25,443.0 | 17 | ||
| Total Commercial Lines | 1,140.7 | 1,108.5 | 3 | ||
| Total Property business | 3,485.3 | 3,046.2 | 14 | ||
| Companywide Total | 34,364.3 | 29,597.7 | 16 | ||
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
[email protected]
The Progressive Corporation
300 North Commons Blvd.
Mayfield Village, Ohio 44143
http://www.progressive.com
Download PDF: Progressive October 2024 Complete Earnings Release
