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Progressive | 10-Q: Q2 2024 Earnings Report

Progressive | 10-Q: Q2 2024 Earnings Report

前进保险 | 10-Q：2024财年二季报
美股SEC公告 ·  2024/08/05 21:32

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Progressive Corporation reported robust Q2 2024 results with net income surging to $1.46 billion, as net premiums written grew 22% to $17.9 billion. The combined ratio improved significantly to 91.9%, down 8.5 points year-over-year, driven by higher average premiums, lower accident frequency, and favorable prior year reserve development of 0.3 points.Personal Lines and Commercial Lines each delivered an 11.4% underwriting profit margin, while total policies in force grew 9% to 32.3 million. Personal auto new applications increased 34% year-over-year, reflecting increased advertising spend and relaxed underwriting restrictions. The company's investment portfolio generated a 3.9% pretax recurring yield, up from 3.1% last year.Looking ahead, Progressive expects 2024 auto rate changes to be less significant than prior years while maintaining profitability targets. The company increased Property segment rates by 4% countrywide and continues to focus on growing in less volatile weather states. Total capital reached $30.2 billion, with the debt-to-total capital ratio improving to 22.8% from 29.2% last year.
Progressive Corporation reported robust Q2 2024 results with net income surging to $1.46 billion, as net premiums written grew 22% to $17.9 billion. The combined ratio improved significantly to 91.9%, down 8.5 points year-over-year, driven by higher average premiums, lower accident frequency, and favorable prior year reserve development of 0.3 points.Personal Lines and Commercial Lines each delivered an 11.4% underwriting profit margin, while total policies in force grew 9% to 32.3 million. Personal auto new applications increased 34% year-over-year, reflecting increased advertising spend and relaxed underwriting restrictions. The company's investment portfolio generated a 3.9% pretax recurring yield, up from 3.1% last year.Looking ahead, Progressive expects 2024 auto rate changes to be less significant than prior years while maintaining profitability targets. The company increased Property segment rates by 4% countrywide and continues to focus on growing in less volatile weather states. Total capital reached $30.2 billion, with the debt-to-total capital ratio improving to 22.8% from 29.2% last year.
Progressive公司发布了强劲的2024年第二季度业绩，净利润猛增至14.6亿美金，净保费收入增长22%至179亿美金。综合比率显著改善至91.9%，同比下降8.5个百分点，主要得益于平均保费的提高、事故频率的降低以及0.3个百分点的有利前期准备金调整。个人险和商业险各自获得11.4%的承保利润率，而在保单总数上增长了9%，达到3230万。个人汽车新申请同比增加34%，反映出广告支出的增加和放宽的承保限制。公司的投资组合产生了3.9%的税前经常收益率，高于去年的3.1%。展望未来，Progressive预计2024年汽车费率变动将不如前几年显著，同时保持盈利目标。公司在全国范围内将财产险费率提高了4%，并继续专注于在气候波动较小的州实现增长。总资本达到302亿美金，债务与总资本比率从去年的29.2%改善至22.8%。
Progressive公司发布了强劲的2024年第二季度业绩，净利润猛增至14.6亿美金，净保费收入增长22%至179亿美金。综合比率显著改善至91.9%，同比下降8.5个百分点，主要得益于平均保费的提高、事故频率的降低以及0.3个百分点的有利前期准备金调整。个人险和商业险各自获得11.4%的承保利润率，而在保单总数上增长了9%，达到3230万。个人汽车新申请同比增加34%，反映出广告支出的增加和放宽的承保限制。公司的投资组合产生了3.9%的税前经常收益率，高于去年的3.1%。展望未来，Progressive预计2024年汽车费率变动将不如前几年显著，同时保持盈利目标。公司在全国范围内将财产险费率提高了4%，并继续专注于在气候波动较小的州实现增长。总资本达到302亿美金，债务与总资本比率从去年的29.2%改善至22.8%。
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