Progressive Reports December 2022 Results

Rhea-AI Summary

The Progressive Corporation (NYSE:PGR) reported its financial results for December 2022 and Q4 2022. Key highlights include a 15% increase in net premiums written at $3,574 million compared to $3,113 million in December 2021. Net premiums earned also rose by 12% to $4,030 million. However, net income saw a significant 99% decline to $5.8 million from $393.3 million, with earnings per share dropping 99% to $0.01. Total pretax net realized losses on securities were $(411.1 million). The combined ratio improved to 93.3% from 94.6% in 2021, reflecting operational efficiencies.

Positive

• Net premiums written increased by 15% to $3,574 million from $3,113 million year-over-year.
• Net premiums earned rose 12% to $4,030 million compared to $3,613.2 million in December 2021.
• Combined ratio improved to 93.3%, indicating better operational performance.

Negative

• Net income dropped by 99% to $5.8 million from $393.3 million in December 2021.
• Earnings per share decreased by 99%, falling to $0.01 from $0.67.
• Total pretax net realized losses on securities amounted to $(411.1 million).

MAYFIELD VILLAGE, OHIO, Jan. 25, 2023 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for December 2022 and the fourth quarter of 2022:

	December												Quarter
(millions, except per share amounts and ratios; unaudited)		2022				2021		Change		2022				2021		Change
Net premiums written	$	3,574.0			$	3,113.3		15  %	$	12,460.2			$	10,749.3		16  %
Net premiums earned	$	4,030.0			$	3,613.2		12  %	$	12,891.5			$	11,601.4		11  %
Net income	$	5.8			$	393.3		(99) %	$	826.4			$	962.3		(14) %
Per share available to common shareholders	$	0.01			$	0.67		(99) %	$	1.40			$	1.63		(14) %
Total pretax net realized gains (losses) on securities	$	(411.1	)		$	222.3		(285) %	$	(72.8	)		$	425.3		(117) %
Combined ratio		93.3				94.6		(1.3) pts.		93.9				94.7		(0.8) pts.
Average diluted equivalent common shares		587.1				586.4		0  %		587.1				586.3		0  %

	December
(thousands; unaudited)	2022		2021		Change
Policies in Force
Personal Lines
Agency – auto	7,766.3		7,879.0		(1	)	%
Direct – auto	10,131.0		9,568.2		6		%
Total personal auto	17,897.3		17,447.2		3		%
Total special lines	5,558.1		5,288.5		5		%
Total Personal Lines	23,455.4		22,735.7		3		%
Total Commercial Lines	1,046.4		971.2		8		%
Total Property business	2,851.3		2,776.2		3		%
Companywide Total	27,353.1		26,483.1		3		%

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 however it's most convenient for them — online at progressive.com, by phone at 1-800-PROGRESSIVE, via the Progressive mobile app, 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 auto 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 December 2022 Complete Earnings Release: Download PDF

FAQ

What were Progressive's net premiums written for December 2022?

Progressive's net premiums written for December 2022 were $3,574 million, a 15% increase from $3,113 million in December 2021.

How much did Progressive report in net income for December 2022?

Progressive reported a net income of $5.8 million for December 2022, down 99% from $393.3 million in December 2021.

What was Progressive's combined ratio for Q4 2022?

Progressive's combined ratio for Q4 2022 improved to 93.3%, compared to 94.6% in the same quarter of 2021.

What were the earnings per share for Progressive in December 2022?

Earnings per share for Progressive in December 2022 were $0.01, down 99% from $0.67 in December 2021.

What were Progressive's total pretax net realized losses on securities?

Progressive reported total pretax net realized losses on securities of $(411.1 million) for December 2022.