Progressive Reports February 2023 Results
The Progressive Corporation (NYSE:PGR) reported strong financial results for February 2023, showing notable growth in net premiums written, which reached $6.06 billion, up 31% from $4.63 billion in February 2022. Net premiums earned also increased by 15%, totaling $4.17 billion compared to $3.63 billion a year earlier. The net income rose significantly by 144% to $150.3 million, yielding $0.25 per share available to common shareholders, a 149% increase from $0.10 per share last year. The company maintained a combined ratio of 95.1, which is slightly higher than 93.7 in the previous year, indicating a manageable level of underwriting profitability.
- Net premiums written increased 31% to $6.06 billion.
- Net premiums earned rose 15% to $4.17 billion.
- Net income surged 144% to $150.3 million.
- Earnings per share climbed 149% from $0.10 to $0.25.
- Combined ratio increased from 93.7 to 95.1, indicating reduced underwriting profitability.
MAYFIELD VILLAGE, OHIO, March 15, 2023 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for February 2023:
| February | |||||||||
| (millions, except per share amounts and ratios; unaudited) | 2023 | 2022 | Change | ||||||
| Net premiums written | $ | 6,057.8 | $ | 4,625.7 | 31 % | ||||
| Net premiums earned | $ | 4,166.6 | $ | 3,626.1 | 15 % | ||||
| Net income | $ | 150.3 | $ | 61.6 | 144 % | ||||
| Per share available to common shareholders | $ | 0.25 | $ | 0.10 | 149 % | ||||
| Total pretax net realized gains (losses) on securities | $ | (117.1 | ) | $ | (209.4 | ) | (44)% | ||
| Combined ratio | 95.1 | 93.7 | 1.4 pts. | ||||||
| Average diluted equivalent common shares | 587.0 | 586.3 | 0 % | ||||||
| February | |||||
| (thousands; unaudited) | 2023 | 2022 | Change | ||
| Policies in Force | |||||
| Personal Lines | |||||
| Agency – auto | 8,039.7 | 7,805.6 | 3 % | ||
| Direct – auto | 10,737.3 | 9,558.8 | 12 % | ||
| Total personal auto | 18,777.0 | 17,364.4 | 8 % | ||
| Total special lines | 5,603.4 | 5,318.0 | 5 % | ||
| Total Personal Lines | 24,380.4 | 22,682.4 | 7 % | ||
| Total Commercial Lines | 1,060.2 | 989.2 | 7 % | ||
| Total Property business | 2,885.4 | 2,790.3 | 3 % | ||
| Companywide Total | 28,326.0 | 26,461.9 | 7 % | ||
See Progressive’s complete monthly earnings release, including the “Monthly Commentary,” 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 one of the leading sellers of personal and commercial auto, motorcycle, and boat insurance in the country, 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 February 2023 Complete Earnings Release: Download PDF
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