Progressive Corporation reported robust Q2 2024 results, with net premiums written increasing 22% to $17.9 billion and net income rising to $1.5 billion. The company's combined ratio improved to 91.9, down 8.5 points year-over-year, driven by higher average premiums, lower accident frequency, and favorable prior year reserve development.Personal Lines and Commercial Lines each achieved an 11.4% underwriting profit margin, while Property incurred a 66.3% underwriting loss due to catastrophe losses. Total policies in force grew 9% to 32.3 million. The company increased advertising spend by 147% to drive growth while maintaining profitability targets.Progressive's investment portfolio fair value rose to $72.4 billion, with a pretax recurring investment book yield of 3.9%. The company remains focused on balancing growth and profitability, aiming to grow as fast as possible while maintaining a 96 combined ratio. Management anticipates continued growth with rate increases of lesser magnitude than in prior years.

Progressive Corporation reported robust Q2 2024 results, with net premiums written increasing 22% to $17.9 billion and net income rising to $1.5 billion. The company's combined ratio improved to 91.9, down 8.5 points year-over-year, driven by higher average premiums, lower accident frequency, and favorable prior year reserve development.Personal Lines and Commercial Lines each achieved an 11.4% underwriting profit margin, while Property incurred a 66.3% underwriting loss due to catastrophe losses. Total policies in force grew 9% to 32.3 million. The company increased advertising spend by 147% to drive growth while maintaining profitability targets.Progressive's investment portfolio fair value rose to $72.4 billion, with a pretax recurring investment book yield of 3.9%. The company remains focused on balancing growth and profitability, aiming to grow as fast as possible while maintaining a 96 combined ratio. Management anticipates continued growth with rate increases of lesser magnitude than in prior years.