Progressive Corporation reports significant growth in net premiums and net income for December and the fourth quarter of 2024.
This article was originally posted on nasdaq.com.
Mayfield, OH, January 29, 2025 -- Quiver AI Summary:
The Progressive Corporation released its financial results for December 2024 and the fourth quarter, reporting notable growth in key metrics compared to the previous year. December net premiums written increased by 22% to $5.964 billion, while net premiums earned saw a 26% rise to $6.717 billion. The company’s net income rose 5% to $942 million, with earnings per share for common shareholders increasing 5% to $1.60. The total pretax net realized losses on securities were significant, reverting from gains in 2023. The combined ratio improved slightly to 84.1 for December. Additionally, Progressive's total policies in force grew by 18%, reaching nearly 35,000. Throughout its operations, Progressive remains a leading provider of various insurance products, emphasizing customer convenience through multiple engagement channels.
See Progressive’s complete monthly earnings release 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.