The Progressive Corporation, which last October converted its monthly accounting closing calendar to align with the Gregorian calendar, has announced its financial results for March and the first quarter of 2024.
Here are the numbers, as reported by Progressive:
|
Metric |
March 2024 |
Q1 2024 |
Q1 2023 |
|---|---|---|---|
|
Net premiums written |
$7.75 billion |
$18.96 billion |
$16.11 billion |
|
Net premiums earned |
$5.63 billion |
$16.15 billion |
$13.53 billion |
|
Net income |
$893.6 million |
$2.33 billion |
$447.9 million |
|
Combined ratio |
84.3% |
86.1% |
99.0% |
The company, based in Ohio, saw a 421% surge in net income in the quarter.
In terms of policies in force, Progressive posted increases across the board. Broken down, below are the figures for policies in force as of the end of March.
|
Policies in force |
March 31, 2024 |
March 31, 2023 |
|---|---|---|
|
Total personal lines |
26.5 million |
24.8 million |
|
Total commercial lines |
1.1 million |
1.07 million |
|
Total property business |
3.2 million |
2.9 million |
|
Companywide total |
30.8 million |
28.8 million |
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.”
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Pic: Michael Rivera, This file is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported license.
