Progressive Reports March 2024 Results

GlobeNewswire

MAYFIELD VILLAGE, OHIO, April 12, 2024 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month ended March 31, 2024 and the first quarter of 2024:

	March				Quarter
(millions, except per share amounts and ratios; unaudited)		2024		2024		2023	Change
Net premiums written	$	7,746.0	$	18,962.2	$	16,109.7	18	%
Net premiums earned	$	5,633.5	$	16,148.6	$	13,533.1	19	%
Net income	$	893.6	$	2,331.4	$	447.9	421	%
Per share available to common shareholders	$	1.52	$	3.94	$	0.75	425	%
Total pretax net realized gains (losses) on securities	$	58.3	$	155.6	$	71.8	117	%
Combined ratio		84.3		86.1		99.0	(12.9) pts.
Combined ratio – prior year month		106.2
Average diluted equivalent common shares		587.4		587.3		587.0	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.

	March 31,
(thousands; unaudited)	2024	2023	% Change
Policies in Force
Personal Lines
Agency – auto	8,592.9	8,172.9	5
Direct – auto	11,855.4	10,995.5	8
Total personal auto	20,448.3	19,168.4	7
Total special lines	6,075.7	5,637.3	8
Total Personal Lines	26,524.0	24,805.7	7
Total Commercial Lines	1,100.8	1,071.2	3
Total Property business	3,208.9	2,912.6	10
Companywide Total	30,833.7	28,789.5	7

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^®.