Progressive is recognized as the second largest personal auto insurer in the United States and is a leading seller of commercial auto, motorcycle, and boat insurance. It is also ranked among the top 15 homeowners insurance carriers. Founded in 1937, Progressive is known for its innovative shopping tools and services, including Name Your Price®, Snapshot®, and HomeQuote Explorer®. The company's financial strength is reflected in its "GREAT" overall health score on InvestingPro, which also notes its impressive 53.38% year-to-date return and 15-year track record of consistent dividend payments. For deeper insights into Progressive's financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers. The company's financial strength is reflected in its "GREAT" overall health score on InvestingPro, which also notes its impressive 53.38% year-to-date return and 15-year track record of consistent dividend payments. For deeper insights into Progressive's financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
Progressive is recognized as the second largest personal auto insurer in the United States and is a leading seller of commercial auto, motorcycle, and boat insurance. It is also ranked among the top 15 homeowners insurance carriers. Founded in 1937, Progressive is known for its innovative shopping tools and services, including Name Your Price®, Snapshot®, and HomeQuote Explorer®. The company's financial strength is reflected in its "GREAT" overall health score on InvestingPro, which also notes its impressive 53.38% year-to-date return and 15-year track record of consistent dividend payments. For deeper insights into Progressive's financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
The company's combined ratio improved by 5.5 points, down from 91.1 to 85.6, indicating a more profitable month. There was no change in the average diluted equivalent common shares, remaining steady at 587.7 million.
In terms of policies in force, Progressive saw growth across the board. The total personal auto policies increased by 21%, with agency auto policies up 17% and direct auto policies up 25%. The total number of special lines policies grew by 9%, and the total Personal Lines policies increased by 18%. The Commercial Lines and Property business segments also experienced growth, rising by 4% and 14%, respectively.
As a result, the companywide total of policies in force as of November 30, 2024, reached 34.739 million, marking a 17% increase from the 29.583 million reported on the same date in 2023.
Progressive is recognized as the second largest personal auto insurer in the United States and is a leading seller of commercial auto, motorcycle, and boat insurance. It is also ranked among the top 15 homeowners insurance carriers. Founded in 1937, Progressive is known for its innovative shopping tools and services, including Name Your Price®, Snapshot®, and HomeQuote Explorer®.
This report is based on a press release statement from The Progressive Corporation (NYSE:PGR) and reflects the company's performance for the month ending November 30, 2024.
In other recent news, Progressive Corp. has been the subject of several recent analyst reports. BMO Capital maintained its Outperform rating on the company, adjusting the expected growth of Progressive's personal auto policies in force for the fourth quarter from 5% to 3.8%. This adjustment also led to a slight change in earnings per share (EPS) estimates for Progressive for the years 2024, 2025, and 2026. BofA Securities, on the other hand, increased Progressive's share target to $335 from $331, following the company's October 2024 earnings per share results that surpassed average estimates.
In the wake of these updates, Progressive reported a 19% increase in net premiums written and earned for October 2024, compared to the same period last year. The company's net income and per-share earnings for common shareholders saw a marginal rise of 1%. Progressive Corp. also added nearly 1.6 million policies in the third quarter of 2024, bringing the year's total to approximately 4.2 million.
In other company news, GEICO and Travelers (NYSE:TRV), fellow insurance companies, have been fined a total of $11.3 million by the New York Attorney General and the Department of Financial Services for inadequate cybersecurity measures. These are the most recent developments in the insurance sector.
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