Progressive feels huge fall in net income

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Progressive feels huge fall in net income


Progressive feels huge decline in net income | Insurance business America

May number falls significantly

Insurance News

By Terry Gangcuangco

Progressive Insurance, which last year aligned its monthly closing calendar with the Gregorian calendar, has released its financial results for May 2024.

In its most recent earnings report, the insurer shared the following unaudited numbers:

  • Net Premiums Written – $5.98 billion
  • Net Premiums Earned – $5.86 billion
  • Net income – $235.7 million
  • Total net realized gains (losses) on securities before taxes – $117.6 million
  • Combined Ratio (current year) – 100.4%
  • Combined ratio (in the same month last year) – 99%

By comparison, Progressive’s net income in April was $420.3 million.

In unveiling the 2024 recruiting initiative, Progressive said roles range from contact center agents, attorneys and legal staff, claims interns, field clerks to sales representatives and customer service representatives.

Other open positions include positions in marketing, human resources, accounting, etc.

“Our talented group of more than 60,000 employees across the country are at the forefront of our work and we are committed to meeting the needs of our current employees and job seekers through a reimagined workforce,” Bill Clawson, Chief HR Officer stated in April.

“Building on our inclusive culture, we offer a flexible workplace approach in this post-COVID era and will continue to grow nationwide with our extensive in-office, remote and hybrid workplace options.”

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Progressive feels huge fall in net income



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2024-06-17 10:40:00

www.insurancebusinessmag.com