Progressive Reports September 2022 Results
The Progressive Corporation (NYSE:PGR) reported its September 2022 and Q3 2022 results. Key highlights include net premiums written of $4,007.3 million, slightly up from $4,004.0 million in 2021. Net income for Q3 was reported at a loss of $(684.4) million, a significant drop from $(130.3) million in the previous year, reflecting a 425% increase in losses. The combined ratio deteriorated to 116.2 from 100.1, indicating worsened profitability. Total policies in force increased to 26,857.4 thousand, showcasing growth in customer acquisition despite the heightened losses.
- Net premiums written increased slightly by 0% year-over-year to $4,007.3 million.
- Total policies in force rose to 26,857.4 thousand, indicating successful customer acquisition.
- Net income fell to $(684.4) million, a 425% increase in losses compared to $(130.3) million in Q3 2021.
- The combined ratio increased to 116.2 from 100.1, indicating a decline in profitability.
MAYFIELD VILLAGE, OHIO, Oct. 13, 2022 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for September 2022 and the third quarter of 2022:
| September | Quarter | ||||||||||||||||
| (millions, except per share amounts and ratios; unaudited) | 2022 | 2021 | Change | 2022 | 2021 | Change | |||||||||||
| Net premiums written | $ | 4,007.3 | $ | 4,004.0 | 0 % | $ | 13,017.8 | $ | 12,446.5 | 5 % | |||||||
| Net premiums earned | $ | 3,869.5 | $ | 3,537.5 | 9 % | $ | 12,398.9 | $ | 11,364.8 | 9 % | |||||||
| Net income (loss) | $ | (684.4 | ) | $ | (130.3 | ) | 425 % | $ | 124.1 | $ | 118.5 | 5 % | |||||
| Per share available to common shareholders | $ | (1.17 | ) | $ | (0.23 | ) | 418 % | $ | 0.20 | $ | 0.19 | 5 % | |||||
| Total pretax net realized gains (losses) on securities | $ | (351.0 | ) | $ | (217.4 | ) | 61 % | $ | (216.4 | ) | $ | 36.8 | NM | ||||
| Combined ratio | 116.2 | 100.1 | 16.1 pts. | 99.2 | 100.4 | (1.2) pts. | |||||||||||
| Average equivalent common shares | 584.6 | 584.7 | 0 % | 587.1 | 587.1 | 0 % | |||||||||||
NM = Not Meaningful
| September | |||||
| (thousands; unaudited) | 2022 | 2021 | Change | ||
| Policies in Force | |||||
| Personal Lines | |||||
| Agency – auto | 7,600.3 | 7,973.6 | (5) % | ||
| Direct – auto | 9,823.8 | 9,613.1 | 2 % | ||
| Total personal auto | 17,424.1 | 17,586.7 | (1) % | ||
| Total special lines | 5,558.0 | 5,282.4 | 5 % | ||
| Total Personal Lines | 22,982.1 | 22,869.1 | 0 % | ||
| Total Commercial Lines | 1,039.8 | 952.7 | 9 % | ||
| Total Property business | 2,835.5 | 2,735.0 | 4 % | ||
| Companywide Total | 26,857.4 | 26,556.8 | 1 % | ||
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 whenever, wherever and however it's most convenient - online at progressive.com, by phone at 1-800-PROGRESSIVE, on a mobile device 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 car 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 September 2022 Complete Earnings Release: Download PDF
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