Progressive Reports November 2023 Results

Rhea-AI Summary

The Progressive Corporation (PGR) reported strong November 2023 results, with net premiums written at $4,725.1 million, net premiums earned at $5,079.0 million, and net income at $680.6 million. The combined ratio for the current year was 91.1, showing an improvement from the prior year's 92.2. The company's policies in force for personal auto and special lines showed significant growth, with personal auto policies at 19,441.9 thousand, marking a 9% increase from the previous year. The company has converted its monthly accounting closing calendar to align with the Gregorian calendar, which may impact year-over-year comparisons on monthly results from October 2023 through September 2024.

Positive

• Strong net premiums written and earned at $4,725.1 million and $5,079.0 million, respectively
• Net income of $680.6 million
• Improved combined ratio of 91.1 for the current year

Negative

• Potential impact on year-over-year comparisons due to the conversion of the monthly accounting closing calendar

MAYFIELD VILLAGE, OHIO, Dec. 15, 2023 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for November 2023:

		November
(millions, except per share amounts and ratios; unaudited)			2023
Net premiums written		$	4,725.1
Net premiums earned		$	5,079.0
Net income		$	680.6
Per share available to common shareholders		$	1.15
Total pretax net realized gains (losses) on securities		$	246.5
Combined ratio	– current year		91.1
	– prior year		92.2
Average diluted equivalent common shares			587.6

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.

	November
(thousands; unaudited)	2023		2022		Change
Policies in Force
Personal Lines
Agency – auto	8,312.4		7,732.1		8%
Direct – auto	11,129.5		10,096.1		10%
Total personal auto	19,441.9		17,828.2		9%
Total special lines	5,965.3		5,560.1		7%
Total Personal Lines	25,407.2		23,388.3		9%
Total Commercial Lines	1,104.7		1,048.7		5%
Total Property business	3,070.9		2,841.9		8%
Companywide Total	29,582.8		27,278.9		8%

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^®.

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 November 2023 Complete Earnings Release

FAQ

What were The Progressive Corporation's (PGR) net premiums written and net premiums earned for November 2023?

The company reported net premiums written at $4,725.1 million and net premiums earned at $5,079.0 million for November 2023.

What was The Progressive Corporation's (PGR) net income for November 2023?

The company reported a net income of $680.6 million for November 2023.

What was The Progressive Corporation's (PGR) combined ratio for the current year?

The company's combined ratio for the current year was 91.1, showing an improvement from the prior year's 92.2.

What was the impact of the conversion of the monthly accounting closing calendar on The Progressive Corporation's (PGR) financial reporting?

The company has converted its monthly accounting closing calendar to align with the Gregorian calendar, which may impact year-over-year comparisons on monthly results from October 2023 through September 2024.