Progressive Reports December 2022 Results

GlobeNewswire

MAYFIELD VILLAGE, OHIO, Jan. 25, 2023 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for December 2022 and the fourth quarter of 2022:

	December									Quarter
(millions, except per share amounts and ratios; unaudited)		2022			2021	Change		2022			2021	Change
Net premiums written	$	3,574.0		$	3,113.3	15 %	$	12,460.2		$	10,749.3	16 %
Net premiums earned	$	4,030.0		$	3,613.2	12 %	$	12,891.5		$	11,601.4	11 %
Net income	$	5.8		$	393.3	(99) %	$	826.4		$	962.3	(14) %
Per share available to common shareholders	$	0.01		$	0.67	(99) %	$	1.40		$	1.63	(14) %
Total pretax net realized gains (losses) on securities	$	(411.1	)	$	222.3	(285) %	$	(72.8	)	$	425.3	(117) %
Combined ratio		93.3			94.6	(1.3) pts.		93.9			94.7	(0.8) pts.
Average diluted equivalent common shares		587.1			586.4	0 %		587.1			586.3	0 %

	December
(thousands; unaudited)	2022	2021	Change
Policies in Force
Personal Lines
Agency – auto	7,766.3	7,879.0	(1	)	%
Direct – auto	10,131.0	9,568.2	6		%
Total personal auto	17,897.3	17,447.2	3		%
Total special lines	5,558.1	5,288.5	5		%
Total Personal Lines	23,455.4	22,735.7	3		%
Total Commercial Lines	1,046.4	971.2	8		%
Total Property business	2,851.3	2,776.2	3		%
Companywide Total	27,353.1	26,483.1	3		%

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 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^®.