Progressive said net premiums written for 2024 were $74.4 billion, an increase of $12.9 billion from 2023, and policies in force at year-end were 35 million, just over 5 million more than at the end of 2023. The underwriting profit margin was 11.2%, which was 6.1 points better than 5.1%.

1. 01

   Progressive said net premiums written for 2024 were $74.4 billion, an increase of $12.9 billion from 2023, and policies in force at year-end were 35 million, just over 5 million more than at the end of 2023. The underwriting profit margin was 11.2%, which was 6.1 points better than 5.1%.

2. 02

   The company cited as factors in the change in underwriting profit the higher average earned premium per policy, a 5% decrease in incurred personal auto accident frequency, and favorable prior accident years reserve development of 0.6 points. Advertising spend increased 150% to $4.0 billion, and the expense ratio rose 2.4 points.

3. 03

   Progressive said net income for 2024 increased $4.6 billion, with the increase in underwriting profitability as the primary contributor. The pretax book yield on recurring investment income was 3.9%, compared to 3.1% for 2023, and the fair value of the investment portfolio was $80.3 billion.

4. 04

   Progressive said it declared aggregate common share dividends of $4.90 per share, or $2.9 billion, for 2024 and redeemed all outstanding Serial Preferred Shares, Series B for $500 million. Total capital (debt plus shareholders' equity) at year-end was $32.5 billion, an increase of $5.3 billion.

Key figures

Fiscal year ended December 31, 2024

Revenue

$75.4B

Net income

$8.5B

EPS

$14.40

Operating cash flow

$15.1B

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.