Progressive Insurance has published its financial results for the month of August 2024.
According to the insurer, its net income in August was $935.3 million. The company’s net premiums written and net premiums earned stood at $6.51 billion and $5.97 billion, respectively.
The latest combined ratio, meanwhile, was 85.5%, an improvement from last year’s 97.2%.
Additionally, Progressive’s policies in force grew across all segments: personal lines, commercial lines, and property business. Total policies in force amounted to 33.4 million.
In August, the firm introduced “We exist to help people move forward and live fully” as its new purpose statement.
The brand purpose seeks to “amplify” the insurer’s commitments while continuing to champion existing initiatives spanning progress on the road, in the home, and in business.
“Many people may not know this, but Progressive’s founding strategy was to help create access to insurance for an underserved market of people,” chief marketing officer Remi Kent said at the time. “Protecting and providing access is in our DNA.”
Progressive, which would like to be known as the first purpose-driven insurance company, is collaborating with organizations and experts across both public and private sectors to help advance its goals while also supporting its more than 60,000 employees.
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