Progressive Reports August 2022 Results
The Progressive Corporation (NYSE:PGR) reported its August 2022 results, showcasing a 5% increase in net premiums written, totaling $4,081.1 million, compared to $3,890.9 million in August 2021. Net premiums earned also rose by 9%, reaching $3,835.4 million, up from $3,513.8 million a year earlier. Notably, net income surged to $119.7 million against a loss of $6.6 million in the previous year, translating to earnings of $0.20 per share. The combined ratio improved to 93.6, a decline of 11.7 points from 105.3, indicating enhanced operational efficiency.
- Net premiums written increased by 5% to $4,081.1 million year-over-year.
- Net premiums earned rose by 9% to $3,835.4 million compared to last year.
- Net income turned positive at $119.7 million, a significant improvement from a loss of $6.6 million.
- Earnings per share improved to $0.20 from a loss of $0.02 per share.
- The combined ratio improved to 93.6, indicating better operational efficiency.
- Total pretax net realized losses on securities reached $(175.4) million, a deterioration from a gain of $131.5 million.
MAYFIELD VILLAGE, OHIO, Sept. 15, 2022 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for August 2022:
| August | |||||||||
| (millions, except per share amounts and ratios; unaudited) | 2022 | 2021 | Change | ||||||
| Net premiums written | $ | 4,081.1 | $ | 3,890.9 | |||||
| Net premiums earned | $ | 3,835.4 | $ | 3,513.8 | |||||
| Net income (loss) | $ | 119.7 | $ | (6.6 | ) | NM | |||
| Per share available to common shareholders | $ | 0.20 | $ | (0.02 | ) | NM | |||
| Total pretax net realized gains (losses) on securities | $ | (175.4 | ) | $ | 131.5 | (233) % | |||
| Combined ratio | 93.6 | 105.3 | (11.7) pts. | ||||||
| Average equivalent common shares | 587.2 | 584.8 | |||||||
NM = Not Meaningful
| August | |||||
| (thousands; unaudited) | 2022 | 2021 | Change | ||
| Policies in Force | |||||
| Personal Lines | |||||
| Agency – auto | 7,606.0 | 8,013.3 | (5) % | ||
| Direct – auto | 9,730.3 | 9,638.0 | |||
| Total personal auto | 17,336.3 | 17,651.3 | (2) % | ||
| Total special lines | 5,548.9 | 5,272.5 | |||
| Total Personal Lines | 22,885.2 | 22,923.8 | |||
| Total Commercial Lines | 1,036.2 | 942.1 | |||
| Total Property business | 2,832.1 | 2,715.6 | |||
| Companywide Total | 26,753.5 | 26,581.5 | |||
See Progressive’s complete monthly earnings release for additional information.
About Progressive
Progressive Insurance® makes it easy to understand, buy and use car insurance, home insurance, and other protection needs. Progressive offers choices so consumers can reach us whenever, wherever and however it's most convenient - online at progressive.com, by phone at 1-800-PROGRESSIVE, on a mobile device or in-person with a local agent.
Progressive provides insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes; it is the third largest car insurer in the country, a leading seller of motorcycle and commercial auto insurance, and one of the top 15 homeowners insurance carriers.
Founded in 1937, Progressive continues its long history of offering shopping tools and services that save customers time and money, like Name Your Price®, Snapshot®, and HomeQuote Explorer®.
The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, trade publicly at NYSE: PGR.
Company Contact:
Douglas S. Constantine
(440) 395-3707
investor_relations@progressive.com
The Progressive Corporation
6300 Wilson Mills Road
Mayfield Village, Ohio 44143
http://www.progressive.com
Progressive August 2022 Complete Earnings Release: Download PDF
FAQ
What were Progressive's net premiums written for August 2022?
How much did Progressive's net income change in August 2022?
What is the combined ratio reported by Progressive for August 2022?
How did net premiums earned change for Progressive in August 2022?
