---
schema_version: "secwatch.filing_event.v1"
accession: "0000080661-23-000019"
form_type: "8-K"
ticker: "PGR"
cik: "0000080661"
company_name: "PROGRESSIVE CORP/OH/"
filed_at: "2023-04-13T23:59:59+00:00"
generated_at: "2026-06-17T02:51:14.914009+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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%.

## SEC filing metadata
- accession: 0000080661-23-000019
- form_type: 8-K
- ticker: PGR
- cik: 0000080661
- company_name: PROGRESSIVE CORP/OH/
- filed_at: 2023-04-13T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/80661/000008066123000019/0000080661-23-000019-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/80661/000008066123000019/pgr-20230413.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000080661-23-000019
- JSON: https://secwatch.observer/filing/0000080661-23-000019.json
- Plain text: https://secwatch.observer/filing/0000080661-23-000019.txt

## Key facts
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/80661/000008066123000019/0000080661-23-000019-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.