Progressive Corporation reports significant increases in net premiums written, net income, and policies in force for November 2024.
Quiver AI Summary
The Progressive Corporation announced strong financial results for November 2024, reporting net premiums written of $5.56 billion, a significant 18% increase compared to $4.73 billion in November 2023. Net premiums earned also rose 19% to $6.04 billion from $5.08 billion. The company achieved net income of $1.01 billion, marking a 48% increase from the previous year's $680.6 million, with earnings per share also up 48% to $1.71. The combined ratio improved to 85.6 from 91.1, reflecting better underwriting performance. In terms of policies in force, personal auto insurance saw a 21% increase, while total personal lines grew 18% year-over-year. Overall, Progressive's results indicate solid growth across its various insurance lines.
Potential Positives
- Net premiums written increased by 18% compared to November 2023, indicating strong growth in business volume.
- Net income rose by 48% year-over-year, reflecting improved profitability and financial health.
- The combined ratio improved to 85.6, a decrease of 5.5 points from the previous year, suggesting better operational efficiency and lower underwriting losses.
- Total policies in force grew by 17%, demonstrating increased customer trust and market presence.
Potential Negatives
- Despite an increase in net income and premiums, the total pretax net realized gains on securities decreased by 29%, indicating potential challenges in investment performance.
- The combined ratio improved but is still at 85.6, which, while lower than the previous year, may signal continued concern about underwriting profitability.
FAQ
What were Progressive's net premiums written in November 2024?
Progressive reported net premiums written of $5,563.3 million for November 2024, an 18% increase from 2023.
How much was Progressive's net income in November 2024?
The net income for Progressive in November 2024 was $1,005.8 million, a 48% increase compared to the previous year.
What was the combined ratio for Progressive in November 2024?
Progressive's combined ratio for November 2024 was 85.6, down 5.5 points from 91.1 in November 2023.
How many policies were in force for Progressive as of November 30, 2024?
As of November 30, 2024, Progressive had 34,739.2 thousand policies in force, an increase of 17% from 2023.
What types of insurance does Progressive offer?
Progressive offers a range of insurance products, including auto, home, motorcycle, boat, and commercial vehicle insurance.
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:
- JOHN P SAUERLAND (VP and Chief Financial Officer) has traded it 3 times. They made 0 purchases and 3 sales, selling 42,708 shares.
- 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.
- ANDREW J QUIGG (Chief Strategy Officer) sold 3,975 shares.
- JONATHAN S. BAUER (Chief Investment Officer) has traded it 2 times. They made 0 purchases and 2 sales, selling 4,514 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 853 institutional investors add shares of $PGR stock to their portfolio, and 693 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
- D. E. SHAW & CO., INC. removed 1,401,652 shares (-57.7%) from their portfolio in Q3 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, Dec. 13, 2024 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month ended November 30, 2024:
November | |||||||||
(millions, except per share amounts and ratios; unaudited) | 2024 | 2023 | Change | ||||||
Net premiums written | $ | 5,563.3 | $ | 4,725.1 | 18 | % | |||
Net premiums earned | $ | 6,040.4 | $ | 5,079.0 | 19 | % | |||
Net income | $ | 1,005.8 | $ | 680.6 | 48 | % | |||
Per share available to common shareholders | $ | 1.71 | $ | 1.15 | 48 | % | |||
Total pretax net realized gains (losses) on securities | $ | 175.7 | $ | 246.5 | (29 | ) | % | ||
Combined ratio | 85.6 | 91.1 | (5.5 | ) | pts. | ||||
Average diluted equivalent common shares | 587.7 | 587.6 | 0 | % | |||||
November 30, | |||||
(thousands; unaudited) | 2024 | 2023 | % Change | ||
Policies in Force | |||||
Personal Lines | |||||
Agency – auto | 9,700.5 | 8,312.4 | 17 | ||
Direct – auto | 13,863.6 | 11,129.5 | 25 | ||
Total personal auto | 23,564.1 | 19,441.9 | 21 | ||
Total special lines | 6,516.4 | 5,965.3 | 9 | ||
Total Personal Lines | 30,080.5 | 25,407.2 | 18 | ||
Total Commercial Lines | 1,143.6 | 1,104.7 | 4 | ||
Total Property business | 3,515.1 | 3,070.9 | 14 | ||
Companywide Total | 34,739.2 | 29,582.8 | 17 | ||
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
investor_relations@progressive.com
The Progressive Corporation
300 North Commons Blvd.
Mayfield Village, Ohio 44143
http://www.progressive.com
Download PDF:
Progressive November 2024 Complete Earnings Release
This article was originally published on Quiver News, read the full story.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
