Progressive said net premiums written for the quarter Q2 2024 rose 22% from a year earlier to $17.9 billion (an increase of $3.2 billion), and policies in force at quarter-end were 32.3 million, up 9% from a year earlier.

1. 01

   Progressive said net premiums written for the quarter Q2 2024 rose 22% from a year earlier to $17.9 billion (an increase of $3.2 billion), and policies in force at quarter-end were 32.3 million, up 9% from a year earlier.

2. 02

   The company said its companywide combined ratio for Q2 2024 was 91.9, 8.5 points better than a year earlier, with Personal Lines and Commercial Lines at 88.6 each, and Property at 166.3, including catastrophe losses of 75.6 points.

3. 03

   The company said net income for Q2 2024 rose $1.1 billion and comprehensive income rose $1.7 billion. It said recurring investment income increased 51%, but net realized losses on securities more than offset that increase.

4. 04

   The company said operating cash flow for the first six months of 2024 was $7.5 billion (compared with $4.8 billion in the same period a year earlier), and total capital was $30.2 billion as of June 30, 2024, with its debt-to-total capital ratio at 22.8%.

Key figures

Quarter ended June 30, 2024

Revenue

$18.1B

Net income

$1.5B

EPS

$2.48

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

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