Progressive Reports June 2023 Results
| June | Quarter | |||||||||||||||||||
| (millions, except per share amounts and ratios; unaudited) | 2023 | 2022 | Change | 2023 | 2022 | Change | ||||||||||||||
| Net premiums written | $ | 4,320.1 | $ | 3,877.1 | 11 | % | $ | 14,716.9 | $ | 12,422.1 | 18 | % | ||||||||
| Net premiums earned | $ | 4,515.2 | $ | 3,770.2 | 20 | % | $ | 14,464.4 | $ | 12,147.9 | 19 | % | ||||||||
| Net income (loss) | $ | 40.9 | $ | (436.7 | ) | (109 | ) | % | $ | 345.4 | $ | (542.9 | ) | (164 | ) | % | ||||
| Per share available to common shareholders | $ | 0.06 | $ | (0.75 | ) | (109 | ) | % | $ | 0.57 | $ | (0.94 | ) | (161 | ) | % | ||||
| Total pretax net realized gains (losses) on securities | $ | 143.8 | $ | (564.2 | ) | (125 | ) | % | $ | 126.9 | $ | (1,177.7 | ) | (111 | ) | % | ||||
| Combined ratio | 104.9 | 94.7 | 10.2 pts. | 100.4 | 95.6 | 4.8 pts. | ||||||||||||||
| Average equivalent common shares | 587.1 | 584.3 | 0 | % | 587.0 | 584.3 | 0 | % | ||||||||||||
| June | |||||||
| (thousands; unaudited) | 2023 | 2022 | Change | ||||
| Policies in Force | |||||||
| Personal Lines | |||||||
| Agency – auto | 8,437.8 | 7,619.5 | 11 | % | |||
| Direct – auto | 11,220.5 | 9,557.0 | 17 | % | |||
| Total personal auto | 19,658.3 | 17,176.5 | 14 | % | |||
| Total special lines | 5,843.1 | 5,485.0 | 7 | % | |||
| Total Personal Lines | 25,501.4 | 22,661.5 | 13 | % | |||
| Total Commercial Lines | 1,101.1 | 1,024.6 | 7 | % | |||
| Total Property business | 2,974.3 | 2,823.0 | 5 | % | |||
| Companywide Total | 29,576.8 | 26,509.1 | 12 | % | |||
See Progressive’s complete monthly earnings release, including the “Monthly Commentary,” for additional information.
About Progressive
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
Company Contact:
investor_relations@progressive.com
http://www.progressive.com
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