UPDATE -- Progressive Reports October 2022 Results
The Progressive Corporation (NYSE:PGR) reported its financial results for October 2022, showcasing significant growth in key metrics. Net premiums written increased to $5,187.1 million, a 19% rise from $4,346.6 million in 2021. Net income reached $375.6 million, showing a slight increase compared to $373.8 million in the previous year. The combined ratio improved to 95.9, down from 97.2. Notably, total pretax net realized gains on securities decreased by 41% to $178.6 million, impacting overall performance. Progressive remains a leading provider in the insurance sector.
- Net premiums written increased by 19% to $5,187.1 million.
- Net income rose slightly to $375.6 million.
- Improved combined ratio at 95.9, down from 97.2.
- Total pretax net realized gains on securities 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
Progressive October 2022 Complete Earnings Release: Download PDF
FAQ
What were the net premiums written by Progressive in October 2022?
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