• Progressive Reports June 2023 Results

    Source: Nasdaq GlobeNewswire / 13 Jul 2023 07:17:25   America/Chicago

    MAYFIELD VILLAGE, OHIO, July 13, 2023 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for June 2023 and the second quarter of 2023:

     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 – auto8,437.8 7,619.5 11 %
    Direct – auto11,220.5 9,557.0 17 %
    Total personal auto19,658.3 17,176.5 14 %
    Total special lines5,843.1 5,485.0 7 %
    Total Personal Lines25,501.4 22,661.5 13 %
    Total Commercial Lines1,101.1 1,024.6 7 %
    Total Property business2,974.3 2,823.0 5 %
    Companywide Total29,576.8 26,509.1 12 %
          


    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

    Progressive June 2023 Complete Earnings Release: Download PDF

     


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