The Progressive Corporation (NYSE: PGR), an insurance holding company, Tuesday reported a sharp increase in earnings for the second quarter of 2024.
- Second-quarter net income increased multi-fold to $1.46 billion from $345.4 million in the comparable period of 2023
- On a per-share basis, earnings jumped to $2.48 in the June quarter from $0.57 last year
- At $17.9 billion, net premiums written were up 22% year-over-year; Net premiums earned rose 19% to $17.21 billion
- The combined ratio was 91.9% in Q2, vs. 100.4% in the prior-year period
- In June, net income came in at $802.7 million, or $1.37 per share; Net premiums written were $5.75 billion
- At the end of the quarter, Progressive had a total of 32.31million policies in force, up 9% year-over-year
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