Progressive Reports November 2022 Results and Provides Dividend Information and 2023 Annual Meeting Dates
The Progressive Corporation (NYSE:PGR) reported significant growth in November 2022. Net premiums written increased by 12% to $3,699.1 million, while net premiums earned rose by 11% to $3,988.8 million. The company achieved a remarkable net income of $445.0 million, up 128% from the previous year's $195.2 million, translating to $0.75 per share, a 129% increase. The combined ratio slightly worsened to 92.2 from 91.9. Overall, Progressive continues to show a strong performance in the insurance market.
- Net premiums written increased by 12% to $3,699.1 million.
- Net income rose by 128% to $445.0 million.
- Earnings per share increased by 129% to $0.75.
- Combined ratio increased from 91.9 to 92.2.
MAYFIELD VILLAGE, OHIO, Dec. 14, 2022 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for November 2022:
| November | ||||||||||
| (millions, except per share amounts and ratios; unaudited) | 2022 | 2021 | Change | |||||||
| Net premiums written | $ | 3,699.1 | $ | 3,289.4 | 12 | % | ||||
| Net premiums earned | $ | 3,988.8 | $ | 3,590.4 | 11 | % | ||||
| Net income | $ | 445.0 | $ | 195.2 | 128 | % | ||||
| Per share available to common shareholders | $ | 0.75 | $ | 0.33 | 129 | % | ||||
| Total pretax net realized gains (losses) on securities | $ | 159.7 | $ | (99.1 | ) | (261 | ) | % | ||
| Combined ratio | 92.2 | 91.9 | 0.3 pts. | |||||||
| Average diluted equivalent common shares | 587.1 | 586.3 | 0 | % | ||||||
| November | |||||||
| (thousands; unaudited) | 2022 | 2021 | Change | ||||
| Policies in Force | |||||||
| Personal Lines | |||||||
| Agency – auto | 7,732.1 | 7,921.9 | (2 | ) | % | ||
| Direct – auto | 10,096.1 | 9,600.8 | 5 | % | |||
| Total personal auto | 17,828.2 | 17,522.7 | 2 | % | |||
| Total special lines | 5,560.1 | 5,286.9 | 5 | % | |||
| Total Personal Lines | 23,388.3 | 22,809.6 | 3 | % | |||
| Total Commercial Lines | 1,048.7 | 968.8 | 8 | % | |||
| Total Property business | 2,841.9 | 2,762.5 | 3 | % | |||
| Companywide Total | 27,278.9 | 26,540.9 | 3 | % | |||
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 November 2022 Complete Earnings Release: Download PDF
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