Progressive Corp Q3 2024 10-Q Filing

TL;DR

**Progressive Corp Q3 2024 10-Q filed. Financials look steady.**

AI Summary

Progressive Corp/OH/ filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter and the year-to-date period. Key financial figures and segment information are presented, reflecting the company's ongoing business 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, crucial for understanding its market position and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing (10-Q) and does not inherently present new risks.

Key Numbers

• 6.625 — Interest Rate (Likely related to debt or preferred stock)
• 463 — Shares (Number of shares)
• 279 — Shares (Number of shares)
• 359 — Shares (Number of shares)
• 365 — Shares (Number of shares)

Key Players & Entities

• PROGRESSIVE CORP/OH/ (company) — Filer
• 20240930 (date) — Period of Report
• 20241104 (date) — Filing Date
• 0000080661 (company) — Central Index Key

FAQ

Key Financial Figures

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

Filing Documents

• pgr-20240930.htm (10-Q) — 3186KB
• pgr-2024930exhibit31.htm (EX-3.1) — 157KB
• pgr-2024930ex311ceocertifi.htm (EX-31.1) — 9KB
• pgr-2024930ex312cfocertifi.htm (EX-31.2) — 9KB
• pgr-2024930ex321section135.htm (EX-32.1) — 3KB
• pgr-2024930ex322section135.htm (EX-32.2) — 3KB
• pgr-2024930ex99shareholder.htm (EX-99) — 20KB
• 0000080661-24-000045.txt ( ) — 14340KB
• pgr-20240930.xsd (EX-101.SCH) — 56KB
• pgr-20240930_cal.xml (EX-101.CAL) — 102KB
• pgr-20240930_def.xml (EX-101.DEF) — 283KB
• pgr-20240930_lab.xml (EX-101.LAB) — 722KB
• pgr-20240930_pre.xml (EX-101.PRE) — 507KB
• pgr-20240930_htm.xml (XML) — 3517KB

—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 Nine Months Periods Ended September 30, 2024 2023 2024 2023 (millions — except per share amounts) Revenues Net premiums earned $ 18,296.7 $ 14,894.3 $ 51,654.8 $ 42,891.8 Investment income 739.5 510.2 2,042.1 1,384.3 Net realized gains (losses) on securities: Net realized gains (losses) on security sales 68.0 ( 66.2 ) ( 304.9 ) 38.6 Net holding period gains (losses) on securities 219.4 ( 80.5 ) 621.6 17.9 Net impairment losses recognized in earnings 0 ( 2.3 ) 0 ( 6.8 ) Total net realized gains (losses) on securities 287.4 ( 149.0 ) 316.7 49.7 Fees and other revenues 278.1 223.7 774.4 656.6 Service revenues 117.3 81.4 307.8 234.9 Total revenues 19,719.0 15,560.6 55,095.8 45,217.3 Expenses Losses and loss adjustment expenses 12,510.3 11,387.9 36,077.2 34,182.0 Policy acquisition costs 1,390.2 1,173.2 3,930.0 3,442.6 Other underwriting expenses 2,669.9 1,420.7 6,781.1 4,710.3 Investment expenses 7.2 7.2 20.2 18.8 Service expenses 126.7 91.7 333.1 264.6 Interest expense 69.9 69.7 209.1 198.7 Total expenses 16,774.2 14,150.4 47,350.7 42,817.0 Net Income Income before income taxes 2,944.8 1,410.2 7,745.1 2,400.3 Provision for income taxes 611.4 288.9 1,621.6 485.7 Net income 2,333.4 1,121.3 6,123.5 1,914.6 Other Comprehensive Income (Loss) Changes in: Total net unrealized gains (losses) on fixed-maturity securities 1,561.2 ( 388.6 ) 1,461.1 ( 241.0 ) Net unrealized losses on forecasted transactions 0.1 0.2 0.3 0.4 Foreign currency translation adjustment 0.1 0 ( 0.1 ) 0.2 Other comprehensive income (loss) 1,561.4 ( 388.4 ) 1,461.3 ( 240.4 ) Comprehensive income (loss) $ 3,894.8 $ 732.9 $ 7,584.8 $ 1,674.2 Computation of Earnings Per Common Share Net income $ 2,333.4 $ 1,121.3 $ 6,123.5 $ 1,914.6 Less: Preferred share dividends and other 1 0 10.4 17.0 27.2 Net income available to commo

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 September 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 September 30, Nine Months Ended September 30, (millions) 2024 2023 2024 2023 Allowance for credit losses, beginning of period $ 327.9 $ 343.9 $ 369.1 $ 343.3 Increase in allowance 1 167.6 157.5 402.4 399.7 Write-offs 2 ( 107.5 ) ( 140.2 ) ( 383.5 ) ( 381.8 ) Allowance for credit losses, end of period $ 388.0 $ 361.2 $ 388.0 $ 361.2 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

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View this 10-Q filing on SEC EDGAR