Financial News
Progressive Reports December 2023 Results
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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