MAYFIELD VILLAGE, OHIO - The Progressive Corporation (NYSE:PGR), a prominent insurance provider, disclosed its financial results for February 2024, highlighting an increase in net premiums and income. The company reported net premiums written totaling $5.72 billion, net premiums earned of $5.13 billion, and a net income of $737.1 million, or $1.24 per share available to common shareholders.
Progressive's combined ratio, a key measure of profitability in the insurance industry, improved to 86.8% for the current year from 95.1% the previous year. A combined ratio below 100% indicates an underwriting profit, with lower ratios signifying greater profitability.
The insurer also revealed gains on securities before taxes amounting to $80.7 million. Additionally, the number of policies in force across various segments experienced growth, with personal auto policies increasing by 7%, special lines by 7%, commercial lines by 4%, and property business by a notable 10%. This growth led to an overall 7% rise in companywide total policies in force, reaching 30.28 million.
Progressive's adjustment to the Gregorian calendar for its monthly accounting closing, which began in October 2023, is not expected to materially affect quarterly and annual underwriting results. However, it may influence year-over-year monthly comparisons from October 2023 through September 2024.
Progressive Insurance® is recognized for offering a range of insurance products, including personal and commercial auto, motorcycle, boat, and home insurance. It stands as the second-largest personal auto insurer in the United States and a leading seller of commercial auto and motorcycle insurance.
The company's commitment to providing convenient shopping tools and services, such as Name Your Price®, Snapshot®, and HomeQuote Explorer®, has been a cornerstone of its market strategy. Progressive's common shares are publicly traded on the NYSE under the ticker symbol PGR.
This report is based on a press release statement from The Progressive Corporation.
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