Progressive Reports March 2023 Results
The Progressive Corporation (NYSE: PGR) released its results for March 2023 and the first quarter of 2023, highlighting significant financial metrics. For March, net premiums written totaled $4.72 billion, up 19% from $3.97 billion in March 2022. The total net premiums earned increased by 17% to $4.32 billion, compared to $3.70 billion the previous year. However, the company reported a net loss of $151.8 million for March, contrasting sharply with a net income of $226.5 million in March 2022. The combined ratio rose to 106.2%, indicating higher losses relative to premiums. Total policies in force reached 28.79 million, a 9% increase from 26.45 million in the prior year.
- Net premiums written increased by 19% to $4.72 billion in March 2023.
- Total net premiums earned grew by 17% to $4.32 billion year-over-year.
- Policies in force rose by 9% to 28.79 million.
- Reported a net loss of $151.8 million in March 2023 compared to a profit of $226.5 million in 2022.
- Combined ratio increased to 106.2%, indicating higher claims relative to premiums.
MAYFIELD VILLAGE, OHIO, April 13, 2023 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for March 2023 and the first quarter of 2023:
| March | Quarter | |||||||||||||||||||||
| (millions, except per share amounts and ratios; unaudited) | 2023 | 2022 | Change | 2023 | 2022 | Change | ||||||||||||||||
| Net premiums written | $ | 4,719.8 | $ | 3,970.1 | 19 | % | $ | 16,109.7 | $ | 13,181.0 | 22 | % | ||||||||||
| Net premiums earned | $ | 4,323.8 | $ | 3,702.0 | 17 | % | $ | 13,533.1 | $ | 11,802.9 | 15 | % | ||||||||||
| Net income (loss) | $ | (151.8 | ) | $ | 226.5 | (167 | ) | % | $ | 447.9 | $ | 313.9 | 43 | % | ||||||||
| Per share available to common shareholders | $ | (0.26 | ) | $ | 0.38 | (169 | ) | % | $ | 0.75 | $ | 0.52 | 43 | % | ||||||||
| Total pretax net realized gains (losses) on securities | $ | (56.7 | ) | $ | 112.0 | (151 | ) | % | $ | 71.8 | $ | (445.3 | ) | (116 | ) | % | ||||||
| Combined ratio | 106.2 | 97.2 | 9.0 pts. | 99.0 | 94.5 | 4.5 pts. | ||||||||||||||||
| Average equivalent common shares | 584.9 | 586.3 | 0 | % | 587.0 | 586.3 | 0 | % | ||||||||||||||
| March | ||||||||
| (thousands; unaudited) | 2023 | 2022 | Change | |||||
| Policies in Force | ||||||||
| Personal Lines | ||||||||
| Agency – auto | 8,172.9 | 7,758.4 | 5 | % | ||||
| Direct – auto | 10,995.5 | 9,541.3 | 15 | % | ||||
| Total personal auto | 19,168.4 | 17,299.7 | 11 | % | ||||
| Total special lines | 5,637.3 | 5,345.9 | 5 | % | ||||
| Total Personal Lines | 24,805.7 | 22,645.6 | 10 | % | ||||
| Total Commercial Lines | 1,071.2 | 999.8 | 7 | % | ||||
| Total Property business | 2,912.6 | 2,802.2 | 4 | % | ||||
| Companywide Total | 28,789.5 | 26,447.6 | 9 | % | ||||
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 March 2023 Complete Earnings Release: Download PDF
FAQ
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