Progressive Reports October 2023 Results
- Progressive Corporation (NYSE:PGR) reported strong financial results for October 2023, with a significant increase in net premiums written and earned, indicating a healthy business performance.
- The combined ratio for the current year stood at 91.7, reflecting an improvement from the prior year's 95.9, showing effective underwriting and claims management.
- The increase in policies in force for personal auto and commercial lines demonstrates the company's ability to attract and retain customers, indicating potential revenue growth in the future.
- None.
MAYFIELD VILLAGE, OHIO, Nov. 17, 2023 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for October 2023:
| (millions, except per share amounts and ratios; unaudited) | October 2023 | ||
| Net premiums written | $ | 5,528.8 | |
| Net premiums earned | $ | 5,383.2 | |
| Net income | $ | 406.0 | |
| Per share available to common shareholders | $ | 0.68 | |
| Total pretax net realized gains (losses) on securities | $ | (87.1) | |
| Combined ratio – current year | 91.7 | ||
| – prior year | 95.9 | ||
| Average diluted equivalent common shares | 587.6 |
| October | ||||||
| (thousands; unaudited) | 2023 | 2022 | Change | |||
| Policies in Force | ||||||
| Personal Lines | ||||||
| Agency – auto | 8,336.4 | 7,677.9 | 9 % | |||
| Direct – auto | 11,142.2 | 10,002.5 | 11 % | |||
| Total personal auto | 19,478.6 | 17,680.4 | 10 % | |||
| Total special lines | 5,964.4 | 5,564.1 | 7 % | |||
| Total Personal Lines | 25,443.0 | 23,244.5 | 9 % | |||
| Total Commercial Lines | 1,108.5 | 1,047.8 | 6 % | |||
| Total Property business | 3,046.2 | 2,838.6 | 7 % | |||
| Companywide Total | 29,597.7 | 27,130.9 | 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 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 October 2023 Complete Earnings Release
FAQ
What were the net premiums written and net income for Progressive Corporation in October 2023?
What was the combined ratio for Progressive Corporation in October 2023?
How did the policies in force for personal auto and commercial lines change for Progressive Corporation in October 2023 compared to the previous year?
