Progressive Reports May 2024 Results; EPS $0.40; Net Income $235.7M
Portfolio Pulse from Benzinga Newsdesk
Progressive Corporation (NYSE:PGR) reported its May 2024 results, with an EPS of $0.40 and net income of $235.7 million. The company also reported net premiums written of $5,975.1 million and net premiums earned of $5,857.5 million. The combined ratio for the current year is 100.4, compared to 99.0 for the prior year month.
June 14, 2024 | 12:18 pm
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Progressive Corporation reported its May 2024 results with an EPS of $0.40 and net income of $235.7 million. The combined ratio increased to 100.4 from 99.0 in the prior year month, indicating a slight increase in costs relative to premiums earned.
The reported EPS and net income are positive, but the increase in the combined ratio to 100.4 from 99.0 suggests higher costs relative to premiums earned. This mixed result is likely to have a neutral short-term impact on the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100