The Progressive Corporation reported significant financial growth in its third quarter of 2024, with net premiums written reaching $19,455.6 million, a 25% increase from $15,593.8 million in the same period of 2023. For the nine months ended September 30, 2024, net premiums earned totaled $51,654.8 million, up 20% from $42,891.8 million year-over-year. The company’s total revenues for the quarter were $19,719.0 million, compared to $15,560.6 million in Q3 2023, reflecting a 27.7% increase.
Net income for the third quarter surged to $2,333.4 million, a substantial rise from $1,133.0 million in Q3 2023, driven by improved underwriting profitability and increased recurring investment income. The comprehensive income for the quarter also rose significantly, reaching $3,894.8 million, compared to $688.4 million in the prior year. The basic earnings per share increased to $3.98 from $1.93 in Q3 2023.
The company’s underwriting operations showed robust performance, with a combined ratio of 89.0%, improving by 3.4 points from the previous year. The underwriting profit for the quarter was $2,004.4 million, up from $1,136.2 million in Q3 2023. The Personal Lines segment reported a 29% increase in net premiums written, attributed to heightened advertising efforts and rate increases.
Progressive's investment portfolio also demonstrated growth, with a fair value of $79,399.7 million as of September 30, 2024, compared to $61,870.5 million a year earlier. The company reported net investment income of $732.3 million for the quarter, a significant increase from $503.0 million in Q3 2023, driven by a 45% rise in investment income.
Strategically, Progressive redeemed all outstanding Serial Preferred Shares, Series B, in February 2024, impacting net income available to common shareholders. The company also increased its advertising spend nearly 400% year-over-year, totaling $2.8 billion year-to-date, to support growth in its Personal Lines segment.
As of September 30, 2024, Progressive's total assets reached $105,202.5 million, up from $85,652.6 million a year earlier, while total liabilities increased to $78,043.2 million from $68,257.3 million. The company’s retained earnings rose to $24,631.7 million, reflecting its strong profitability and growth trajectory.
About PROGRESSIVE CORP/OH/
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