earnings
confidence high
sentiment positive
materiality 0.85
Progressive Q2 net income up 322% to $1.46B; combined ratio improves to 91.9
PROGRESSIVE CORP/OH/
2024-Q2 EPS reported
$6.42
revenue$35,376,800,000
- Net premiums written $17.9B in Q2, up 22% YoY; net premiums earned $17.2B, up 19%.
- Diluted EPS $2.48 vs $0.57 in Q2 2023, up 334%; net income $1.46B vs $345M.
- Combined ratio 91.9% vs 100.4% a year ago, driven by lower loss/LAE ratio of 70.4%.
- Companywide policies in force 32.3M, up 9% YoY; Personal Lines auto policies up 10%.
- Year-to-date net income $3.79B vs $793M; book value per share $39.85; ROE 35.4%.