Progressive (PGR) Reports September 2024 Results
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.