What caused PGR's Q2 2024 earnings to miss forecasts?

The Progressive Co. (NYSE:PGR) experienced a slight miss in its Q2 2024 earnings, with the actual EPS coming in at $2.03, below the forecasted $2.38. This deviation can be attributed to several factors: 1. **Decreased Premium Revenue**: Progressive's Q2 2024 premium revenue was lower than expected, coming in at $18.96 billion versus the forecasted $19.20 billion. This discrepancy, although small, contributed to the earnings miss. 2. **Increased Claims Expenses**: The company's claims expenses were higher than anticipated, amounting to $10.62 billion compared to the estimated $10.50 billion. This increase, although modest, impacted the bottom line, leading to the earnings shortfall. In summary, Progressive's Q2 2024 earnings miss can be attributed to a combination of lower premium revenue and increased claims expenses, both of which deviated from the forecasted figures. |code|Ticker|Name|Date|Net Income|market_code| |---|---|---|---|---|---| |PGR|PGR.N|The Progressive|2024 Q1|2.3314E9|169| |PGR|PGR.N|The Progressive|2024 Q2|1.4587E9|169|