Progressive Corp. (PGR) Reports June 2023 Results
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 – 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.