The Progressive (PGR) Revenue — Quarter Ended Mar 31, 2024
Revenue for the first quarter increased compared to both the immediately preceding period and the same quarter last year, driven by strong premium growth across all operating segments. The company also reported a significant improvement in underwriting profitability relative to its goal.
Key takeaway
Quarter ended Mar 31, 2024 · FY2024 Q1
Revenue for the first quarter increased compared to both the immediately preceding period and the same quarter last year, driven by strong premium growth across all operating segments. The company also reported a significant improvement in underwriting profitability relative to its goal.
Financial snapshot
Reported revenue, sequential change, year-over-year change, and trailing four-quarter revenue.
Quarter revenue
$17.2B
Revenue reported for this quarter.
Quarter-over-quarter
+2.1%
Change from the immediately preceding quarter.
Year-over-year
+20.6%
Change from the comparable year-ago quarter.
Trailing four quarters
$65B
Sum of the latest four reported quarters.
Quarterly revenue trend
The latest four reported quarters with year-over-year comparisons.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Jun 30, 2023 | $15.4B | +33.3% |
| Sep 30, 2023 | $15.6B | +21.8% |
| Dec 31, 2023 | $16.9B | +25.4% |
| Mar 31, 2024 | $17.2B | +20.6% |
Revenue performance
The reported revenue reflects an upward trajectory, supported by higher net premiums written and earned. Underwriting results were notably stronger than the company's stated profitability target.
Quarterly comparison
Compared with the prior quarter, revenue rose moderately, while the increase from the same quarter last year was more pronounced, driven by policy growth and rate actions. The trailing twelve-month revenue also reached a higher level.
What to watch
Monitor changes in personal auto new business applications, which declined year over year as the company prioritized profitability.