Progressive Reports October 2022 Results
The Progressive Corporation (NYSE:PGR) reported notable financial results for October 2022. Net premiums written increased to $5,187.1 million, reflecting a 19% growth from $4,346.6 million in October 2021. Net premiums earned rose 11% to $4,872.7 million, compared to $4,397.8 million the previous year. Net income slightly increased to $375.6 million from $373.8 million, with earnings per share at $0.64, up from $0.63. A lower combined ratio of 95.9 indicated improved efficiency. However, total pretax net realized gains on securities fell by 41%, highlighting market challenges.
- Net premiums written increased by 19% to $5,187.1 million.
- Net premiums earned rose 11% to $4,872.7 million.
- Net income slightly increased to $375.6 million.
- Combined ratio improved to 95.9 from 97.2.
- Total pretax net realized gains decreased by 41% to $178.6 million.
MAYFIELD VILLAGE, OHIO, Nov. 16, 2022 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for October 2022:
| October | |||||||||
| (millions, except per share amounts and ratios; unaudited) | 2022 | 2021 | Change | ||||||
| Net premiums written | $ | 5,187.1 | $ | 4,346.6 | 19 | % | |||
| Net premiums earned | $ | 4,872.7 | $ | 4,397.8 | 11 | % | |||
| Net income | $ | 375.6 | $ | 373.8 | 0 | % | |||
| Per share available to common shareholders | $ | 0.64 | $ | 0.63 | 0 | % | |||
| Total pretax net realized gains (losses) on securities | $ | 178.6 | $ | 302.1 | (41 | ) | % | ||
| Combined ratio | 95.9 | 97.2 | (1.3 | ) | pts. | ||||
| Average diluted equivalent common shares | 587.1 | 586.4 | 0 | % | |||||
| October | |||||||
| (thousands; unaudited) | 2022 | 2021 | Change | ||||
| Policies in Force | |||||||
| Personal Lines | |||||||
| Agency – auto | 7,677.9 | 7,961.1 | (4 | ) | % | ||
| Direct – auto | 10,002.5 | 9,628.3 | 4 | % | |||
| Total personal auto | 17,680.4 | 17,589.4 | 1 | % | |||
| Total special lines | 5,564.1 | 5,288.9 | 5 | % | |||
| Total Personal Lines | 23,244.5 | 22,878.3 | 2 | % | |||
| Total Commercial Lines | 1,047.8 | 964.3 | 9 | % | |||
| Total Property business | 2,838.6 | 2,750.2 | 3 | % | |||
| Companywide Total | 27,130.9 | 26,592.8 | 2 | % | |||
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
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