Progressive has published its earnings report for the month of February 2024.
Here’s how the insurer performed during the month, compared to January:
|
Metric |
February 2024 |
January 2024 |
|---|---|---|
|
Net premiums written |
$5.7 billion |
$5.5 billion |
|
Net premiums earned |
$5.1 billion |
$5.4 billion |
|
Net income |
$737.1 million |
$700.7 million |
|
Combined ratio |
86.8% |
87.3% |
Of the total net premiums written in February, $4.7 billion came from personal lines; $752.6 million from commercial lines; and $234.6 million from property.
Meanwhile, Progressive noted: “In October 2023, we converted our monthly accounting closing calendar to align with the Gregorian calendar. We do not expect that this change will have a material impact on our reported quarterly and annual underwriting results, but it may impact our year-over-year comparisons on monthly results from October 2023 through September 2024. Therefore, during this time period, we have modified and limited the content of the earnings release, compared to our historical reporting.
“As previously discussed, the conversion of our monthly accounting closing calendar to align with a traditional Gregorian calendar could create potential discrepancies when comparing inconsistent monthly accounting periods on a year-over-year basis through September 2024. While we are not disclosing monthly premium growth comparison for the month, when comparing February 2024 to the prior year, it should be noted that in fiscal February 2023, our personal lines net premiums written included March 1, 2023, which is traditionally a large renewal volume day.
“In addition, in the prior year, our commercial lines net premiums written included transportation network company policies that were renewed on March 1, 2023, but were reported in fiscal February 2023 results. Policies in force, which are not significantly impacted by the change in the accounting calendar, may be a better measure of growth on a monthly basis.”
According to Progressive, its policies in force in February 2024 amounted to 30.3 million. Broken down, personal lines contributed 26 million; commercial lines, 1.1 million; and property, 3.2 million. All figures are higher compared to their counterparts in February 2023.
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