Progressive reported net premiums written of $5.96 billion for December 2024, a 22% increase compared to $4.88 billion in December 2023.
For the fourth quarter, net premiums written rose 20% year-over-year to $18.11 billion. Net premiums earned reached $6.72 billion for the month, up 26% from the prior-year period, and totaled $19.14 billion for the quarter, representing a 21% increase.
Progressive’s net income for December was $942 million, a 5% increase from $901 million in December 2023. For the fourth quarter, net income grew 19% year-over-year to $2.36 billion. Earnings per share available to common shareholders rose 5% to $1.60 for December and increased 19% to $4.01 for the quarter.
The company's combined ratio stood at 84.1 for December, a 0.7-percentage-point increase from 83.4 in the prior-year period. For the fourth quarter, the combined ratio improved by 0.8 percentage points to 87.9, compared to 88.7 in 2023.
Total pretax net realized losses on securities for December amounted to $140 million, a reversal from the $144 million in net realized gains reported in December 2023. For the quarter, the company recorded a $53 million net realized loss, compared to a $303 million gain in the same period last year.
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At year-end 2024, Progressive reported growth across its policy segments, with company-wide policies in force increasing by 18% to 34.95 million, compared to 29.69 million at the end of 2023.
Personal lines, which include auto and special lines policies, reached 33.81 million policies in force, an 18% increase year-over-year. Agency auto policies grew 17% to 9.78 million, while direct auto policies increased by 25% to 14 million.
Special lines policies, which include recreational vehicles, motorcycles, and boats, rose 9% to 6.52 million.
Property policies in force increased by 14% to 3.52 million, compared to 3.10 million in December 2023. Commercial lines policies grew by 4% to 1.14 million.
Progressive’s total average diluted equivalent common shares for December and the fourth quarter remained relatively stable at 587.7 million, compared to 587.4 million in the prior-year month and 587.5 million for the fourth quarter of 2023.
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