Progressive Reports September 2023 Results

October 13, 2023
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Download PDF: Progressive September 2023 Complete Earnings Release


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 $4,899.5   $4,007.3   22  %  $15,593.8   $13,017.8   20  % 
Net premiums earned $4,649.3   $3,869.5   20  % $14,894.3   $12,398.9   20  %
Net income (loss) $369.3   $(684.4)   (154)  % $1,121.3   $124.1   NM  
Per share available to common shareholders $0.62   $(1.17)   (153)  % $1.89   $0.20   NM  
Total pretax net realized gains (losses) on securities $(159.1)   $(351.0)   (55)  % $(149.0)   $(216.4)   (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

Source: Progressive Corporation