Progressive Reports July 2022 Results
The Progressive Corporation (NYSE:PGR) reported strong financial results for July 2022, showing a net income of $688.8 million, significantly up from $255.4 million a year earlier, marking a 170% increase. Net premiums written rose by 8% to $4.93 billion, while net premiums earned increased by 9% to $4.69 billion. The combined ratio improved to 89.8, down from 96.7, a decrease of 6.9 percentage points. However, policies in force for personal auto declined 2%, totaling 17,232.9 thousand.
- Net income increased to $688.8 million, up 170% year-over-year.
- Net premiums written rose 8% to $4.93 billion.
- Net premiums earned grew 9% to $4.69 billion.
- Combined ratio improved to 89.8, reflecting operational efficiency.
- Policies in force for personal auto decreased by 2%.
MAYFIELD VILLAGE, OHIO, Aug. 17, 2022 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for July 2022:
| July | ||||||||
| (millions, except per share amounts and ratios; unaudited) | 2022 | 2021 | Change | |||||
| Net premiums written | $ | 4,929.4 | $ | 4,551.6 | 8 | % | ||
| Net premiums earned | $ | 4,694.0 | $ | 4,313.5 | 9 | % | ||
| Net income | $ | 688.8 | $ | 255.4 | 170 | % | ||
| Per share available to common shareholders | $ | 1.17 | $ | 0.43 | 171 | % | ||
| Total pretax net realized gains (losses) on securities | $ | 310.0 | $ | 122.7 | 153 | % | ||
| Combined ratio | 89.8 | 96.7 | (6.9) pts. | |||||
| Average diluted equivalent common shares | 587.2 | 587.2 | 0 | % | ||||
| July | ||||||
| (thousands; unaudited) | 2022 | 2021 | Change | |||
| Policies in Force | ||||||
| Personal Lines | ||||||
| Agency – auto | 7,599.7 | 8,014.2 | (5)% | |||
| Direct – auto | 9,633.2 | 9,614.9 | ||||
| Total personal auto | 17,232.9 | 17,629.1 | (2)% | |||
| Total special lines | 5,525.0 | 5,249.9 | ||||
| Total Personal Lines | 22,757.9 | 22,879.0 | (1)% | |||
| Total Commercial Lines | 1,030.0 | 930.1 | ||||
| Total Property business | 2,827.5 | 2,683.1 | ||||
| Companywide Total | 26,615.4 | 26,492.2 | ||||
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 July 2022 Complete Earnings Release: Download PDF
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