Progressive Reports July 2023 Results

Rhea-AI Summary

The Progressive Corporation reported strong results for July 2023, with a 21% increase in net premiums written and a 20% increase in net premiums earned compared to July 2022. However, net income decreased by 12% and earnings per share available to common shareholders declined by 13%. The company also experienced a significant decrease in total pretax net realized gains on securities, which dropped by 71%. The combined ratio increased slightly by 0.8 percentage points to 90.6%. In terms of policies in force, the company saw growth in both Personal Lines and Commercial Lines, with a notable 16% increase in direct auto policies. Overall, Progressive's total business grew by 11% compared to the previous year.

MAYFIELD VILLAGE, OHIO, Aug. 16, 2023 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for July 2023:

	July
(millions, except per share amounts and ratios; unaudited)		2023			2022		Change
Net premiums written	$5,950.5			$4,929.4			21	%
Net premiums earned	$5,645.8			$4,694.0			20	%
Net income	$604.4			$688.8			(12)	%
Per share available to common shareholders	$1.02			$1.17			(13)	%
Total pretax net realized gains (losses) on securities	$90.7			$310.0			(71)	%
Combined ratio		90.6			89.8		0.8 pts.
Average diluted equivalent common shares		587.5			587.2		0	%

	July
(thousands; unaudited)	2023		2022		Change
Policies in Force
Personal Lines
Agency – auto	8,431.7		7,599.7		11	%
Direct – auto	11,211.2		9,633.2		16	%
Total personal auto	19,642.9		17,232.9		14	%
Total special lines	5,904.0		5,525.0		7	%
Total Personal Lines	25,546.9		22,757.9		12	%
Total Commercial Lines	1,105.6		1,030.0		7	%
Total Property business	2,987.8		2,827.5		6	%
Companywide Total	29,640.3		26,615.4		11	%

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 second largest auto insurer in the country, a leading seller of commercial auto, motorcycle, and boat 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

Download PDF: Progressive July 2023 Complete Earnings Release

FAQ

What were the key financial results for Progressive Corporation in July 2023?

In July 2023, Progressive reported a 21% increase in net premiums written, a 20% increase in net premiums earned, and a 12% decrease in net income compared to July 2022.

How did Progressive's earnings per share available to common shareholders change in July 2023?

Progressive's earnings per share available to common shareholders declined by 13% in July 2023 compared to the same period last year.

What was the change in total pretax net realized gains on securities for Progressive in July 2023?

Progressive experienced a significant decrease in total pretax net realized gains on securities, which dropped by 71% in July 2023 compared to July 2022.

What was the combined ratio for Progressive in July 2023?

The combined ratio for Progressive increased slightly by 0.8 percentage points to 90.6% in July 2023.

How did Progressive's policies in force change in July 2023?

Progressive saw growth in both Personal Lines and Commercial Lines, with a notable 16% increase in direct auto policies in July 2023 compared to the previous year.

What was the overall growth rate for Progressive's total business in July 2023?

Progressive's total business grew by 11% in July 2023 compared to the same period last year.