Progressive Corp (NYSE:PGR) reported that in the first quarter of fiscal 2024, net income per share available to common shareholders was $3.94, up from $0.75 a year ago.
EPS, adjusted for net realized gains (losses) on securities, was $3.73, above the consensus of $3.21.
Net premiums earned rose 19% YoY to $16.148 billion, and Net premiums written stood at $18.962 billion, increasing 18% Y/Y in the quarter.
March EPS stood at $1.52, with net premiums written at $7.746 billion and net premiums earned at $5.633 billion. In March, companywide total policies in force increased by 7% YoY.Â
Revenues for the quarter increased by 20.5% YoY to $17.24 billion; net income stood at $2.33 billion, escalating 420.5% YoY.
The company reported a combined ratio of 86.1%, down 12.9ppt YoY. As of March 31, 2024, Progressive held available-for-sale securities of $64.956 billion.Â
In October 2023, the company switched its accounting to the Gregorian calendar, expecting a minimal impact on quarterly and annual reports but possibly affecting monthly comparisons until September 2024. Consequently, they adjusted and reduced earnings release content for this period.
Price Action: PGR shares are trading higher by 2.16% at $206.63 on Friday.
