Progressive Corp/OH/ Files Q2 2024 10-Q

TL;DR

**PGR Q2 10-Q FILED** - Financials and operations update for period ending 6/30/24.

AI Summary

Progressive Corp/OH/ filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial figures and business segment information are presented, reflecting the company's ongoing activities in the insurance sector.

Why It Matters

This filing provides investors and analysts with the latest financial health and operational performance of Progressive Corp/OH/, crucial for understanding its market position and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• 2024-06-30 — Period End Date (Latest reported quarter)
• 2024-08-05 — Filing Date (Date the report was submitted)

Key Players & Entities

• PROGRESSIVE CORP/OH/ (company) — Filer
• 20240630 (date) — Period of Report
• 20240805 (date) — Filing Date
• 6300 WILSON MILLS RD (address) — Business Address
• MAYFIELD VILLAGE (city) — Business Address City
• OH (state) — Business Address State
• 44143 (zip_code) — Business Address Zip

FAQ

Key Financial Figures

• $1.00 — nge on which registered Common Shares, $1.00 Par Value PGR New York Stock Exchange

Filing Documents

• pgr-20240630.htm (10-Q) — 3369KB
• pgr-2024630exhibit101.htm (EX-10.1) — 21KB
• pgr-2024630exhibit102.htm (EX-10.2) — 9KB
• pgr-2024630exhibit103.htm (EX-10.3) — 127KB
• pgr-2024630ex311ceocertifi.htm (EX-31.1) — 9KB
• pgr-2024630ex312cfocertifi.htm (EX-31.2) — 9KB
• pgr-2024630ex321section135.htm (EX-32.1) — 3KB
• pgr-2024630ex322section135.htm (EX-32.2) — 3KB
• pgr-2024630ex99shareholder.htm (EX-99) — 23KB
• 0000080661-24-000031.txt ( ) — 15010KB
• pgr-20240630.xsd (EX-101.SCH) — 55KB
• pgr-20240630_cal.xml (EX-101.CAL) — 102KB
• pgr-20240630_def.xml (EX-101.DEF) — 291KB
• pgr-20240630_lab.xml (EX-101.LAB) — 721KB
• pgr-20240630_pre.xml (EX-101.PRE) — 516KB
• pgr-20240630_htm.xml (XML) — 3793KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. The Progressive Corporation and Subsidiaries Consolidated Statements of Comprehensive Income (unaudited) Three Months Six Months Periods Ended June 30, 2024 2023 2024 2023 (millions — except per share amounts) Revenues Net premiums earned $ 17,209.5 $ 14,464.4 $ 33,358.1 $ 27,997.5 Investment income 685.0 454.5 1,302.6 874.1 Net realized gains (losses) on securities: Net realized gains (losses) on security sales ( 226.4 ) 135.1 ( 372.9 ) 104.8 Net holding period gains (losses) on securities 100.1 ( 6.0 ) 402.2 98.4 Net impairment losses recognized in earnings 0 ( 2.2 ) 0 ( 4.5 ) Total net realized gains (losses) on securities ( 126.3 ) 126.9 29.3 198.7 Fees and other revenues 259.8 226.7 496.3 432.9 Service revenues 106.3 81.0 190.5 153.5 Total revenues 18,134.3 15,353.5 35,376.8 29,656.7 Expenses Losses and loss adjustment expenses 12,595.3 12,170.1 23,566.9 22,794.1 Policy acquisition costs 1,307.6 1,153.6 2,539.8 2,269.4 Other underwriting expenses 2,179.8 1,431.7 4,111.2 3,289.6 Investment expenses 7.3 6.1 13.0 11.6 Service expenses 114.3 90.6 206.4 172.9 Interest expense 69.6 65.7 139.2 129.0 Total expenses 16,273.9 14,917.8 30,576.5 28,666.6 Net Income Income before income taxes 1,860.4 435.7 4,800.3 990.1 Provision for income taxes 401.7 90.3 1,010.2 196.8 Net income 1,458.7 345.4 3,790.1 793.3 Other Comprehensive Income (Loss) Changes in: Total net unrealized gains (losses) on fixed-maturity securities 107.7 ( 455.6 ) ( 100.1 ) 147.6 Net unrealized losses on forecasted transactions 0.1 0.1 0.2 0.2 Foreign currency translation adjustment 0 0.2 ( 0.2 ) 0.2 Other comprehensive income (loss) 107.8 ( 455.3 ) ( 100.1 ) 148.0 Comprehensive income (loss) $ 1,566.5 $ ( 109.9 ) $ 3,690.0 $ 941.3 Computation of Earnings Per Common Share Net income $ 1,458.7 $ 345.4 $ 3,790.1 $ 793.3 Less: Preferred share dividends and other 1 0 9.5 17.0 16.8 Net income available to common shareholders $ 1,458.7 $

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (unaudited) 1. BASIS OF REPORTING AND ACCOUNTING The accompanying consolidated financial statements include the accounts of The Progressive Corporation and our wholly owned insurance subsidiaries and non-insurance subsidiaries and affiliates in which we have a controlling financial interest (Progressive). The consolidated financial statements reflect all normal recurring adjustments that, in the opinion of management, were necessary for a fair statement of the results for the interim periods presented. The results of operations for the period ended June 30, 2024, are not necessarily indicative of the results expected for the full year. These consolidated financial statements and the notes thereto should be read in conjunction with Progressive's audited financial statements and accompanying notes included in Exhibit 13 to our Annual Report on Form 10-K for the year ended December 31, 2023 (2023 Annual Report to Shareholders). Premiums Receivable We perform analyses to evaluate our premiums receivable for expected credit losses. See our 2023 Annual Report to Shareholders for a discussion on our premiums receivable allowance for credit loss policy. The following table summarizes changes in our allowance for credit loss exposure on our premiums receivable: Three Months Ended June 30, Six Months Ended June 30, (millions) 2024 2023 2024 2023 Allowance for credit losses, beginning of period $ 327.7 $ 340.9 $ 369.1 $ 343.3 Increase in allowance 1 128.0 125.3 234.8 242.2 Write-offs 2 ( 127.8 ) ( 122.3 ) ( 276.0 ) ( 241.6 ) Allowance for credit losses, end of period $ 327.9 $ 343.9 $ 327.9 $ 343.9 1 Represents the incremental increase in other underwriting expenses. 2 Represents the portion of allowance that is reversed when the premiums receivable is written off. Premiums receivable balances are written off once we have exhausted our collection efforts. Property – Held for Sale Included in other assets in our co

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View this 10-Q filing on SEC EDGAR