Progressive Corporation (PGR, Financial) has reported substantial growth in its latest financial results for the second quarter of the 2024 fiscal year. The company's net profit soared to $1.459 billion, marking a significant increase of 322.90% compared to the previous year. Additionally, operating income rose to $18.127 billion, an 18.11% year-over-year increase, with basic earnings per share reaching $2.49.
On the balance sheet, Progressive's total liabilities stood at $69.38 billion, with no short-term debt recorded. The company's debt-to-equity ratio is 1.34, and it holds a current ratio of 0.74, reflecting its financial stability.
In terms of market outlook, 17 financial institutions have provided target price projections for Progressive, with an average target price of $273.06. The lowest target price is set at $197.00, while the highest is at $319.00.
Progressive is a leading provider of personal and commercial auto insurance, along with specialty insurance services. With nearly 20 million active personal auto policies, it is one of the largest auto insurers in the United States. The company markets its policies through independent insurance agencies in the U.S. and Canada, as well as directly via online channels and telemarketing. Approximately half of its premiums are acquired through agents, with the remainder coming from direct sales. Since acquiring a homeowner insurance provider in 2015, Progressive has expanded into that sector as well.
