Progressive Reports December 2024 Results

Core Insights - Progressive Corporation reported significant growth in net premiums written and earned for the quarter and year ended December 31, 2024, indicating strong business performance [4] - The company experienced a 22% increase in net premiums written for the December quarter compared to the previous year, reaching $5.964 billion, and a 20$18.105 billion [4] - Net income for the December quarter rose by 5% to $942 million, while the full year net income increased by 19$2.356 billion [4] - The combined ratio improved slightly, indicating better underwriting performance, with a ratio of 84.1 for the December quarter compared to 83.4 in the previous year [4] Personal Lines Performance - Total personal lines policies in force increased by 18% year-over-year, reaching 33,811 thousand [1] - Direct auto policies saw a notable 25% increase, growing from 11,190 thousand to 13,996 thousand [1] - Agency auto policies also grew by 17%, from 8,336 thousand to 9,778 thousand [1] - Special lines and property insurance policies increased by 9% and 14%, respectively, reflecting overall growth in personal lines [1] Commercial Lines Performance - Commercial lines policies in force showed a modest increase of 4%, rising from 1,099 thousand to 1,141 thousand [1] - The overall companywide policies in force increased by 18%, reaching a total of 34,952 thousand [1] Company Overview - Progressive is the second largest personal auto insurer in the United States and a leading provider of commercial auto, motorcycle, and boat insurance [3] - The company was founded in 1937 and has a history of offering innovative tools and services to help customers save time and money [3] - Progressive's shares are publicly traded on the NYSE under the ticker symbol PGR [4]