Progressive feels huge fall in net income

Progressive feels huge fall in net income | Insurance Business America

Insurance News

Progressive feels huge fall in net income

May figure takes significant tumble

Insurance News

By
Terry Gangcuangco

Progressive Insurance, which last year converted its monthly accounting closing calendar to align with the Gregorian calendar, has published its financial results for May 2024.

In its latest 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 pretax net realized gains (losses) on securities – $117.6 million
Combined ratio (current year) – 100.4%
Combined ratio (prior year month) – 99%

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

When its 2024 recruitment initiative was unveiled, Progressive said the roles span from contact center workers, attorneys and legal support staff, claims trainees, in-the-field adjustors, to sales representatives and customer care employees.

Other vacancies are positions in marketing, human resources, accounting, etc.

“Our talented group of more than 60,000 employees across the country are at the forefront of what we do, and we’re committed to meeting the needs of our current employees as well as job seekers through a reimagined workforce,” chief HR officer Bill Clawson stated in April.

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

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