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Progressive Reports December 2024 Results

1. PGR's net premiums written increased 22% year-over-year. 2. Net income rose by 19% to $2.36 billion for the quarter. 3. PGR's combined ratio improved to 87.9, indicating better efficiency. 4. Total policies in force increased by 18% across personal and commercial lines. 5. Average diluted earnings per share rose to $4.01, a 19% improvement.

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$245.0501/29 08:42 AM EDTEvent Start
$249.31501/30 03:11 PM EDTLatest Updated
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FAQ

Why Very Bullish?

Strong earnings growth and premium increases indicate positive financial health for PGR, similar to past performance spikes leading to price gains.

How important is it?

The earnings report is crucial as it shows growth and profitability, directly impacting investor confidence in PGR.

Why Short Term?

Immediate market reaction expected due to quarterly results; previous quarterly gains show rapid price appreciation.

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PGR
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:  DecemberQuarter(millions, except per share amounts and ratios; unaudited) 2024   2023 Change 2024   2023 ChangeNet 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 % ChangePolicies in Force     Personal Lines     Agency – auto9,778 8,336 17Direct – auto13,996 11,190 25Special lines6,520 5,969 9Property3,517 3,096 14Total Personal Lines33,811 28,591 18Commercial Lines1,141 1,099 4Companywide34,952 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) 395-3707investor_relations@progressive.com The Progressive Corporation 300 North Commons Blvd. Mayfield Village, Ohio  44143http://www.progressive.com Download PDF: Progressive December 2024 Complete Earnings Release

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