Progressive Reports January 2024 Results; EPS $1.18; Net Income Of $700.7M
Portfolio Pulse from Benzinga Newsdesk
Progressive Corporation (NYSE:PGR) reported its January 2024 results with a net income of $700.7M and EPS of $1.18. Net premiums written were $5,495.7M, and net premiums earned were $5,386.0M. The combined ratio improved to 87.3 from 96.0 the previous year. Policies in force saw an increase across all categories, with total companywide policies reaching 29,951.4 thousand, a 7.65% increase from the previous year. The company also noted a change in its accounting calendar to align with the Gregorian calendar, affecting year-over-year comparisons from October 2023 through September 2024.
February 14, 2024 | 1:21 pm
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Progressive Corporation reported strong January 2024 results with significant net income and EPS growth, improved combined ratio, and an increase in policies in force.
The reported increase in net income, EPS, and policies in force, along with an improved combined ratio, indicates strong operational performance and financial health. This is likely to be viewed positively by investors, potentially leading to a short-term increase in stock price.
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