The company said net premiums written for Q1 2024 were $19.0 billion, up $2.9 billion (18%) from a year earlier, and its combined ratio was 86.1, 12.9 points lower than a year earlier.

1. 01

   The company said net premiums written for Q1 2024 were $19.0 billion, up $2.9 billion (18%) from a year earlier, and its combined ratio was 86.1, 12.9 points lower than a year earlier.

2. 02

   The company cited higher average earned premiums per policy, a 9% decrease in personal auto accident frequency (with severity up 3%), 0.1 points of favorable reserve development, and a 7% decrease in advertising spend as factors in the year-over-year improvement in underwriting profit for Q1.

3. 03

   Progressive said net income for Q1 2024 increased $1.9 billion from a year earlier, and comprehensive income increased $1.1 billion. It said the increase in net income also reflected a 47% rise in recurring investment income.

4. 04

   The company said total capital was $28.7 billion as of March 31, 2024, and operating cash flow for the 3 months was $4.2 billion. It said it redeemed all of its Serial Preferred Shares, Series B, for a total of $507.8 million, and its debt-to-total capital ratio was 24.0%.

Key figures

Quarter ended March 31, 2024

Revenue

$17.2B

Net income

$2.3B

EPS

$3.94

Operating cash flow

$4.2B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.