Progressive Reports May 2023 Results
- Net premiums written increased by 16% to $4,321.4 million compared to May 2022.
- Net premiums earned increased by 19% to $4,490.4 million compared to May 2022.
- Net income increased by 17% to $108.2 million compared to May 2022.
- Per share available to common shareholders increased by 17% to $0.18 compared to May 2022.
- Policies in force for personal auto increased by 14% to 19,666.5 thousand compared to May 2022.
- Total personal lines increased by 12% to 25,453.5 thousand compared to May 2022.
- Total commercial lines increased by 7% to 1,095.3 thousand compared to May 2022.
- Total property business increased by 5% to 2,957.5 thousand compared to May 2022.
- Companywide total increased by 11% to 29,506.3 thousand compared to May 2022.
- There were total pretax net realized losses on securities of $(35.3) million, a decrease of 60% compared to May 2022.
- The combined ratio increased by 2.5 percentage points to 99.0% compared to May 2022.
MAYFIELD VILLAGE, OHIO, June 14, 2023 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for May 2023:
| May | |||||||||||
| (millions, except per share amounts and ratios; unaudited) | 2023 | 2022 | Change | ||||||||
| Net premiums written | $ | 4,321.4 | $ | 3,724.3 | 16 | % | |||||
| Net premiums earned | $ | 4,490.4 | $ | 3,763.6 | 19 | % | |||||
| Net income | $ | 108.2 | $ | 92.1 | 17 | % | |||||
| Per share available to common shareholders | $ | 0.18 | $ | 0.15 | 17 | % | |||||
| Total pretax net realized gains (losses) on securities | $ | (35.3 | ) | $ | (89.0 | ) | (60 | ) | % | ||
| Combined ratio | 99.0 | 96.5 | 2.5 pts. | ||||||||
| Average equivalent common shares | 587.0 | 586.4 | 0 | % | |||||||
| May | |||||||||
| (thousands; unaudited) | 2023 | 2022 | Change | ||||||
| Policies in Force | |||||||||
| Personal Lines | |||||||||
| Agency – auto | 8,423.2 | 7,658.9 | 10 | % | |||||
| Direct – auto | 11,243.3 | 9,541.1 | 18 | % | |||||
| Total personal auto | 19,666.5 | 17,200.0 | 14 | % | |||||
| Total special lines | 5,787.0 | 5,440.8 | 6 | % | |||||
| Total Personal Lines | 25,453.5 | 22,640.8 | 12 | % | |||||
| Total Commercial Lines | 1,095.3 | 1,019.3 | 7 | % | |||||
| Total Property business | 2,957.5 | 2,818.7 | 5 | % | |||||
| Companywide Total | 29,506.3 | 26,478.8 | 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 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 May 2023 Complete Earnings Release: Download PDF
FAQ
What were the percentage changes in net premiums written, net premiums earned, net income, and per share available to common shareholders compared to May 2022?
What were the percentage changes in policies in force for personal auto, total personal lines, total commercial lines, total property business, and companywide total compared to May 2022?
What were the total pretax net realized gains (losses) on securities and the combined ratio compared to May 2022?
