Progressive Reports January 2023 Results
The Progressive Corporation (NYSE:PGR) reported its financial results for January 2023, showing a notable increase in key metrics compared to January 2022. Net premiums written rose by 16% to $5,332.1 million, while net premiums earned increased by 13% to $5,042.7 million. Net income surged to $449.4 million, a significant rise from $25.8 million in the previous year, leading to a per-share earnings boost from $0.04 to $0.76. However, the total pretax net realized gains fell sharply from $(347.9) million to $245.6 million. The combined ratio also worsened, moving from 92.9 to 96.0, indicating increased underwriting costs.
- Net premiums written increased 16% to $5,332.1 million.
- Net premiums earned rose 13% to $5,042.7 million.
- Net income jumped to $449.4 million from $25.8 million.
- Earnings per share increased from $0.04 to $0.76.
- Total pretax net realized gains decreased significantly from $(347.9) million to $245.6 million.
- Combined ratio worsened from 92.9 to 96.0, indicating higher underwriting costs.
MAYFIELD VILLAGE, OHIO, Feb. 15, 2023 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for January 2023:
| January | ||||||||
| (millions, except per share amounts and ratios; unaudited) | 2023 | 2022 | Change | |||||
| Net premiums written | $ | 5,332.1 | $ | 4,585.2 | 16 % | |||
| Net premiums earned | $ | 5,042.7 | $ | 4,474.8 | 13 % | |||
| Net income | $ | 449.4 | $ | 25.8 | NM | |||
| Per share available to common shareholders | $ | 0.76 | $ | 0.04 | NM | |||
| Total pretax net realized gains (losses) on securities | $ | 245.6 | $ | (347.9 | ) | (171)% | ||
| Combined ratio | 96.0 | 92.9 | 3.1 pts. | |||||
| Average diluted equivalent common shares | 586.9 | 586.2 | 0 % | |||||
NM = Not Meaningful
| January | ||||||
| (thousands; unaudited) | 2023 | 2022 | Change | |||
| Policies in Force | ||||||
| Personal Lines | ||||||
| Agency – auto | 7,902.2 | 7,833.5 | 1 | % | ||
| Direct – auto | 10,430.6 | 9,556.2 | 9 | % | ||
| Total personal auto | 18,332.8 | 17,389.7 | 5 | % | ||
| Total special lines | 5,572.9 | 5,299.6 | 5 | % | ||
| Total Personal Lines | 23,905.7 | 22,689.3 | 5 | % | ||
| Total Commercial Lines | 1,053.3 | 979.9 | 7 | % | ||
| Total Property business | 2,865.0 | 2,783.4 | 3 | % | ||
| Companywide Total | 27,824.0 | 26,452.6 | 5 | % | ||
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 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 January 2023 Complete Earnings Release: Download PDF
FAQ
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