Progressive Insurance has released its earnings report for April 2024, during which the insurer’s combined ratio significantly improved compared to the previous year.
According to Progressive, its net premiums written for April 1-30 amounted to $6.18 billion. Net premiums earned, meanwhile, stood at $5.58 billion.
The insurer’s net income last month was $420.3 million. Its total pretax net realized gains (losses) on securities, on the other hand, reached $(266.1 million).
In April, Progressive’s combined ratio improved to 89%, from 97.9% a year ago.
The latest results from Progressive follow the company’s decision to embark on a substantial recruitment initiative this year. Last month, the insurer announced its plans to hire over 10,000 new colleagues.
At the time, Progressive highlighted the steady increase in its policies and revenue over the past decade.
“Our talented group of more than 60,000 employees across the country are at the forefront of what we do, and we’re committed to meeting the needs of our current employees as well as job seekers through a reimagined workforce,” Bill Clawson, Progressive’s chief human resources officer, noted in April.
“Building upon our inclusive culture, in this post-COVID era we offer a flexible workplace approach and will continue to grow nationally with our expansive in-office, remote, and hybrid workplace options.”
Available positions include in-the-field adjustors, software developers, claims trainees, and IT managers.
What do you think about this story? Share your thoughts in the comments below.
