secwatch.observer — SEC 8-K summary
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Issuer:     PROGRESSIVE CORP/OH/ (PGR)
CIK:        0000080661
Form:       8-K
Filed at:   2023-04-13T23:59:59+00:00
Accession:  0000080661-23-000019
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/80661/000008066123000019/0000080661-23-000019-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/80661/000008066123000019/pgr-20230413.htm
  HTML page:      https://secwatch.observer/filing/0000080661-23-000019

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer