Mixed ratio additionally improves
The Progressive Company, which final October transformed its month-to-month accounting closing calendar to align with the Gregorian calendar, has introduced its monetary outcomes for March and the primary quarter of 2024.
Listed here are the numbers, as reported by Progressive:
|
Metric
|
March 2024
|
Q1 2024
|
Q1 2023
|
|---|---|---|---|
|
Internet premiums written
|
$7.75 billion
|
$18.96 billion
|
$16.11 billion
|
|
Internet premiums earned
|
$5.63 billion
|
$16.15 billion
|
$13.53 billion
|
|
Internet revenue
|
$893.6 million
|
$2.33 billion
|
$447.9 million
|
|
Mixed ratio
|
84.3%
|
86.1%
|
99.0%
|
The corporate, based mostly in Ohio, noticed a 421% surge in web revenue within the quarter.
By way of insurance policies in power, Progressive posted will increase throughout the board. Damaged down, beneath are the figures for insurance policies in power as of the top of March.
|
Insurance policies in power
|
March 31, 2024
|
March 31, 2023
|
|---|---|---|
|
Whole private traces
|
26.5 million
|
24.8 million
|
|
Whole business traces
|
1.1 million
|
1.07 million
|
|
Whole property enterprise
|
3.2 million
|
2.9 million
|
|
Companywide complete
|
30.8 million
|
28.8 million
|
In the meantime, Progressive famous: “In October 2023, we transformed our month-to-month accounting closing calendar to align with the Gregorian calendar.
“We don’t count on that this transformation could have a fabric affect on our reported quarterly and annual underwriting outcomes, however it could affect our year-over-year comparisons on month-to-month outcomes from October 2023 via September 2024.
“Due to this fact, throughout this time interval, we now have modified and restricted the content material of the earnings launch, in comparison with our historic reporting.”
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