Progressive Insurance (formally The Progressive Corporation) has released its shareholder report for the second quarter of 2024, revealing a more than doubling of losses for its property segment.
In the three months ended June 30, Progressive’s pretax profit from personal lines (personal auto and special lines) amounted to $1.57 billion, a surge from 2023’s $55.3 million. Its commercial lines business, meanwhile, contributed $303.8 million in pretax profit, improving from $87.2 million last year.
The property segment, however, suffered bigger losses compared to 2023. The business – which writes residential property insurance for homeowners, other property owners, and renters, and umbrella insurance – posted a $487.8 million pretax loss in the quarter, a worse showing than 2023’s $206.8 million pretax loss.
Progressive’s total underwriting operations improved from a pretax loss last year worth $64.3 million to $1.39 billion in pretax profit this time around.
In terms of comprehensive income, the company’s net income available to common shareholders in the quarter stood at $1.46 billion. In 2023, the corresponding result was only $335.9 million.
In her second-quarter letter to shareholders, Progressive president and chief executive Tricia Griffith wrote: “I’m extremely pleased with the results from this quarter, where we posted net premiums written growth of 22%, with a combined ratio of 91.9 and policies in force growth of 9%. Given all the weather-related activity during the quarter, these results were even more extraordinary.
“I’d be remiss if I didn’t give a special shoutout to our incredible claims organization that rose to the occasion and took care of our customers, as we experienced a very high volume of catastrophes and other weather-related storms across the country during the quarter. While I’m not surprised, it’s always remarkable watching them in action.”
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