Progressive Reports September 2023 Results
- Net premiums written increased by 22% to $4.9 billion compared to the same period last year
- Net premiums earned also increased by 20% to $4.6 billion
- Total pretax net realized losses on securities decreased by 31% to $149 million
- Total personal auto policies in force increased by 12% to 19.5 million
- Net income decreased by 154% to $369.3 million compared to the same period last year
- Combined ratio decreased by 6.8 percentage points to 92.4%
MAYFIELD VILLAGE, OHIO, Oct. 13, 2023 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for September 2023 and the third quarter of 2023:
| September | Quarter | |||||||||||
| (millions, except per share amounts and ratios; unaudited) | 2023 | 2022 | Change | 2023 | 2022 | Change | ||||||
| Net premiums written | 22 | % | 20 | % | ||||||||
| Net premiums earned | 20 | % | 20 | % | ||||||||
| Net income (loss) | (154) | % | NM | |||||||||
| Per share available to common shareholders | (153) | % | NM | |||||||||
| Total pretax net realized gains (losses) on securities | (55) | % | (31 | )% | ||||||||
| Combined ratio | 89.7 | 116.2 | (26.5) pts. | 92.4 | 99.2 | (6.8) pts. | ||||||
| Average equivalent common shares | 587.6 | 584.6 | 1 | % | 587.5 | 587.1 | 0 | % | ||||
| NM = Not Meaningful | ||||||||||||
| September | ||||||
| (thousands; unaudited) | 2023 | 2022 | Change | |||
| Policies in Force | ||||||
| Personal Lines | ||||||
| Agency – auto | 8,363.3 | 7,600.3 | 10 | % | ||
| Direct – auto | 11,154.3 | 9,823.8 | 14 | % | ||
| Total personal auto | 19,517.6 | 17,424.1 | 12 | % | ||
| Total special lines | 5,956.2 | 5,558.0 | 7 | % | ||
| Total Personal Lines | 25,473.8 | 22,982.1 | 11 | % | ||
| Total Commercial Lines | 1,110.3 | 1,039.8 | 7 | % | ||
| Total Property business | 3,025.2 | 2,835.5 | 7 | % | ||
| Companywide Total | 29,609.3 | 26,857.4 | 10 | % | ||
See Progressive’s complete monthly earnings release 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 September 2023 Complete Earnings Release
FAQ
What were the changes in net premiums written?
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