Progressive Reports December 2023 Results

By: Progressive Corporation via GlobeNewswire

January 24, 2024 at 08:01 AM EST

MAYFIELD VILLAGE, OHIO, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for December 2023 and the fourth quarter of 2023:

		December			Quarter
(millions, except per share amounts and ratios; unaudited)		2023		2023		2022		Change
Net premiums written	$	4,875.9	$	15,129.8	$	12,460.2		21	%
Net premiums earned	$	5,310.4	$	15,772.6	$	12,891.5		22	%
Net income	$	901.2	$	1,987.8	$	826.4		141	%
Per share available to common shareholders	$	1.53	$	3.37	$	1.40		141	%
Total pretax net realized gains (losses) on securities	$	144.0	$	303.4	$	(72.8	)	NM
Combined ratio		83.4		88.7		93.9		(5.2)	pts.
Combined ratio – prior year month		93.3
Average diluted equivalent common shares		587.4		587.5		587.1		0	%

NM = Not Meaningful

In October 2023, we converted our monthly accounting closing calendar to align with the Gregorian calendar. We do not expect that this change will have a material impact on our reported quarterly and annual underwriting results but it may impact our year-over-year comparisons on monthly results from October 2023 through September 2024. Therefore, during this time period, we have modified and limited the content of the earnings release, compared to our historical reporting. Click here for further discussion on the closing calendar conversion in the October 2023 release, issued November 17, 2023.

	December
(thousands; unaudited)		2023	2022	Change
Policies in Force
Personal Lines
Agency – auto		8,335.5	7,766.3	7	%
Direct – auto		11,190.4	10,131.0	10	%
Total personal auto		19,525.9	17,897.3	9	%
Total special lines		5,968.6	5,558.1	7	%
Total Personal Lines		25,494.5	23,455.4	9	%
Total Commercial Lines		1,098.5	1,046.4	5	%
Total Property business		3,096.5	2,851.3	9	%
Companywide Total		29,689.5	27,353.1	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 December 2023 Complete Earnings Release

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Progressive Reports December 2023 Results