Progressive Corporation reports significant growth in net premiums and net income for December and the fourth quarter of 2024.
Quiver AI Summary
The Progressive Corporation released its financial results for December 2024 and the fourth quarter, reporting notable growth in key metrics compared to the previous year. December net premiums written increased by 22% to $5.964 billion, while net premiums earned saw a 26% rise to $6.717 billion. The company’s net income rose 5% to $942 million, with earnings per share for common shareholders increasing 5% to $1.60. The total pretax net realized losses on securities were significant, reverting from gains in 2023. The combined ratio improved slightly to 84.1 for December. Additionally, Progressive's total policies in force grew by 18%, reaching nearly 35,000. Throughout its operations, Progressive remains a leading provider of various insurance products, emphasizing customer convenience through multiple engagement channels.
Potential Positives
- Net premiums written for December 2024 increased by 22% compared to December 2023, indicating strong growth in the company’s business.
- Net income for the fourth quarter of 2024 rose by 19% compared to the same period in 2023, reflecting improved profitability.
- Net premiums earned increased by 26% year-over-year for December 2024, demonstrating a robust increase in revenue generation.
- The total number of policies in force grew by 18% year-over-year, suggesting a significant expansion of the customer base.
Potential Negatives
- Significant decline in total pretax net realized gains on securities, reporting a loss of $(140) million compared to a gain of $144 million in the previous year, indicating potential volatility in investment performance.
- Combined ratio increased slightly from 83.4 to 84.1, suggesting that while underwriting performance remains relatively stable, there is rising pressure on profitability.
FAQ
What were Progressive's net premiums written for December 2024?
Progressive's net premiums written for December 2024 were $5,964 million, a 22% increase from the previous year.
How much did Progressive's net income change in Q4 2024?
Progressive's net income for the fourth quarter of 2024 was $942 million, reflecting a 5% increase compared to Q4 2023.
What is the combined ratio reported for Q4 2024?
The combined ratio reported for the fourth quarter of 2024 was 87.9, improving from 88.7 in Q4 2023.
How many policies are in force as of December 31, 2024?
As of December 31, 2024, Progressive had 34,952 policies in force, an 18% increase from the previous year.
What services does Progressive Insurance provide?
Progressive Insurance provides car insurance, home insurance, commercial auto insurance, and other protection options for consumers.
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 Insider Trading Activity
$PGR insiders have traded $PGR stock on the open market 20 times in the past 6 months. Of those trades, 0 have been purchases and 20 have been sales.
Here’s a breakdown of recent trading of $PGR stock by insiders over the last 6 months:
- SUSAN PATRICIA GRIFFITH (President and CEO) has made 0 purchases and 3 sales selling 63,457 shares for an estimated $15,814,091.
- JOHN P SAUERLAND (VP and Chief Financial Officer) has made 0 purchases and 2 sales selling 20,000 shares for an estimated $5,067,500.
- PATRICK K CALLAHAN (Personal Lines President) has made 0 purchases and 2 sales selling 15,393 shares for an estimated $3,789,824.
- JOHN JO MURPHY (Claims President) has made 0 purchases and 3 sales selling 13,450 shares for an estimated $3,215,197.
- STEVEN BROZ (Chief Information Officer) has made 0 purchases and 3 sales selling 12,085 shares for an estimated $2,963,831.
- KAREN BAILO (Commercial Lines President) has made 0 purchases and 2 sales selling 3,558 shares for an estimated $863,914.
- DYKE KAHINA VAN sold 2,180 shares for an estimated $549,970
- ANDREW J QUIGG (Chief Strategy Officer) has made 0 purchases and 2 sales selling 1,643 shares for an estimated $398,915.
- MARIANN WOJTKUN MARSHALL (Chief Accounting Officer) has made 0 purchases and 2 sales selling 776 shares for an estimated $188,565.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$PGR Hedge Fund Activity
We have seen 817 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, for an estimated $783,019,111
- CAPITAL RESEARCH GLOBAL INVESTORS added 2,500,350 shares (+124.4%) to their portfolio in Q3 2024, for an estimated $634,488,816
- BANK OF AMERICA CORP /DE/ removed 2,498,898 shares (-14.7%) from their portfolio in Q3 2024, for an estimated $634,120,356
- GEODE CAPITAL MANAGEMENT, LLC added 1,682,213 shares (+13.2%) to their portfolio in Q3 2024, for an estimated $426,878,370
- APG ASSET MANAGEMENT N.V. removed 1,680,047 shares (-88.9%) from their portfolio in Q3 2024, for an estimated $426,328,726
- D. E. SHAW & CO., INC. removed 1,401,652 shares (-57.7%) from their portfolio in Q3 2024, for an estimated $355,683,211
- GOLDMAN SACHS GROUP INC removed 1,020,273 shares (-22.5%) from their portfolio in Q3 2024, for an estimated $258,904,476
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
MAYFIELD VILLAGE, OHIO, Jan. 29, 2025 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month and quarter ended December 31, 2024:
December | Quarter | |||||||||||||||||||
(millions, except per share amounts and ratios; unaudited) | 2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||||
Net premiums written | $ | 5,964 | $ | 4,876 | 22 | % | $ | 18,105 | $ | 15,130 | 20 | % | ||||||||
Net premiums earned | $ | 6,717 | $ | 5,310 | 26 | % | $ | 19,144 | $ | 15,773 | 21 | % | ||||||||
Net income | $ | 942 | $ | 901 | 5 | % | $ | 2,356 | $ | 1,988 | 19 | % | ||||||||
Per share available to common shareholders | $ | 1.60 | $ | 1.53 | 5 | % | $ | 4.01 | $ | 3.37 | 19 | % | ||||||||
Total pretax net realized gains (losses) on securities | $ | (140 | ) | $ | 144 | (197 | ) | % | $ | (53 | ) | $ | 303 | (117 | ) | % | ||||
Combined ratio | 84.1 | 83.4 | 0.7 | pts. | 87.9 | 88.7 | (0.8 | ) | pts. | |||||||||||
Average diluted equivalent common shares | 587.7 | 587.4 | 0 | % | 587.7 | 587.5 | 0 | % |
December 31, | |||||
(thousands; unaudited) | 2024 | 2023 | % Change | ||
Policies in Force | |||||
Personal Lines | |||||
Agency – auto | 9,778 | 8,336 | 17 | ||
Direct – auto | 13,996 | 11,190 | 25 | ||
Special lines | 6,520 | 5,969 | 9 | ||
Property | 3,517 | 3,096 | 14 | ||
Total Personal Lines | 33,811 | 28,591 | 18 | ||
Commercial Lines | 1,141 | 1,099 | 4 | ||
Companywide | 34,952 | 29,690 | 18 | ||
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
[email protected]
The Progressive Corporation
300 North Commons Blvd.
Mayfield Village, Ohio 44143
http://www.progressive.com
Download PDF: Progressive December 2024 Complete Earnings Release