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Jun 30, 2024
Progressive Q2 2024 Earnings Report
Progressive reported strong second-quarter results, marked by significant growth in net income and premiums earned.
Key Takeaways
Progressive reported a substantial increase in net income and net premiums earned for the second quarter of 2024. Net income increased by 322% compared to the same period last year, driven by strong underwriting performance. Net premiums earned also saw a significant rise of 19%.
Net income increased significantly by 322% year-over-year, reaching $1,458.7 million.
Net premiums earned grew by 19% year-over-year, totaling $17,209.5 million.
The combined ratio improved to 91.9 from 100.4 in the prior year, reflecting better underwriting results.
Earnings per share (EPS) available to common shareholders increased by 334% to $2.48.
Revenue by Segment
Forward Guidance
The second quarter Investor Relations conference call is scheduled for August 6, 2024, featuring a presentation on acquiring policies in the Direct channel, followed by a Q&A session with the CEO and CFO. July results are planned for release on August 14, 2024.
Positive Outlook
- Focus on direct channel policy acquisition strategies.
- Executive Q&A session for investors.
- Planned release of July results on August 14, 2024.
- Filing of Quarterly Report on Form 10-Q with the SEC on August 5, 2024.
- Open communication channels via investor relations website.
Challenges Ahead
- Events and dates are subject to change.
- Potential challenges in estimating losses for storms occurring near the end of reporting periods.
- Impact of reinsurance recoverable adjustments on reported results.
- Uncertainties related to catastrophe aggregate excess of loss contracts.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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