Progressive reports Q3 net income $2.33B, up 108% YoY; combined ratio 89.0

PROGRESSIVE CORP/OH/

2024-Q3 EPS reported $10.39 revenue$55,095,800,000

Net premiums written for Q3 $19.46B (+25% YoY); net premiums earned $18.30B (+23%).
Combined ratio improved to 89.0 from 92.4; expense ratio 19.4, loss/LAE ratio 69.7.
Total Companywide policies in force 33.87M, up 14% YoY; Personal auto policies up 17%.
Incurred $563M catastrophe losses from Hurricane Helene in September; estimate up to $525M for Hurricane Milton.
Board reduced from 12 to 11 members effective Oct 11; HQ moved to 300 North Commons Blvd, Mayfield Village.

item 2.02 item 5.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

PROGRESSIVE CORP/OH/: Reduced the size of the Board of Directors from 12 to 11 members (effective 2024-10-11).

Change: bylaw amendment
Effective: 2024-10-11

Exact text from the filing

Effective October 11, 2024, The Board of Directors (the “Board”) of the Company approved an amendment to the Company’s Code of Regulations reducing the size of the Board from 12 to 11 members.

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PROGRESSIVE CORP/OH/ filing history →

Source: SEC EDGAR

accession 0000080661-24-000042

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