Progressive reports March net loss of $151.8M on unfavorable reserve development, combined ratio 106.2

PROGRESSIVE CORP/OH/

2023-Q1 EPS reported $0.75 revenue$14,303,200,000

March net loss of $151.8M ($0.26 diluted loss) vs net income of $226.5M ($0.38) in March 2022.
Combined ratio of 106.2 worsened 9.0 pts from 97.2 last year; Q1 combined ratio 99.0 vs 94.5.
Unfavorable prior accident years reserve development of 3.4 pts in March; 55% from personal auto driven by Florida legislation.
Net premiums written grew 19% to $4.72B; policies in force up 9% to 28.8M.
Book value per share $27.97; trailing 12-month ROE on net income 5.3%.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

PROGRESSIVE CORP/OH/ reported financial results for the month of, and year-to-date period ended, March 2023.

Period: the month of, and year-to-date period ended, March 2023
Result: reported results

Exact text from the filing

On April 13, 2023, The Progressive Corporation (“the Company”) issued a news release containing financial results for the Company and its consolidated subsidiaries for the month of, and year-to-date period ended, March 2023.

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Source: SEC EDGAR

accession 0000080661-23-000019

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