Progressive Reports September 2023 Results

GlobeNewswire

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^®.