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Mar 31, 2024
Progressive Q1 2024 Earnings Report
Progressive's financial performance for Q1 2024 demonstrated significant growth and profitability, driven by strong premium growth and improved underwriting results.
Key Takeaways
Progressive reported a net income of $2.33 billion for the first quarter of 2024, a substantial increase compared to $447.9 million in the same period last year. The company's combined ratio improved to 86.1, and net premiums written grew by 18% to $18.96 billion.
Net income for the first quarter reached $2.33 billion, a 421% increase year-over-year.
Net premiums written increased by 18% to $18.96 billion.
The combined ratio improved significantly to 86.1 from 99.0 in the prior year.
Earnings per share (EPS) available to common shareholders was $3.94, up from $0.75 in the previous year.
Progressive
Progressive
Forward Guidance
The company did not provide specific forward guidance in this release. The release focuses on reporting the results for March 2024 and the first quarter of 2024.