Progressive Q2 net income $345M vs loss $543M YoY; combined ratio 100.4 vs 95.6

PROGRESSIVE CORP/OH/

2023-Q2 EPS reported $1.32 revenue$29,656,700,000

June net income $40.9M ($0.06 EPS) vs loss $436.7M (-$0.75 EPS) YoY; net premiums earned +20% to $4.5B.
Q2 net premiums written $14.7B (+18% YoY); combined ratio 100.4 (4.8-point worsening from 95.6).
Unfavorable prior-accident-year reserve development of $137.8M in June, mainly personal auto severity increases.
Companywide policies in force grew 12% YoY to 29.6 million; total net realized gains $143.8M vs losses $564.2M.
Q2 combined ratio of 100.4 driven by 4.5-point catastrophe loss ratio; FY outlook not updated.

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 second quarter of 2023 results: revenue $ 14,464.4, net income $ 345.4, EPS $ 0.57.

Period: second quarter of 2023
Revenue: $ 14,464.4
Net income: $ 345.4
EPS: $ 0.57
Result: reported results

Exact text from the filing

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) %

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

PROGRESSIVE CORP/OH/ reported June 2023 results: revenue $ 4,515.2, net income $ 40.9, EPS $ 0.06.

Period: June 2023
Revenue: $ 4,515.2
Net income: $ 40.9
EPS: $ 0.06
Result: reported results

Exact text from the filing

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) % $

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

PROGRESSIVE CORP/OH/ reported year-to-date period ended June 2023 results: revenue $ 27,997.5, net income $ 793.3, EPS $ 1.32.

Period: year-to-date period ended June 2023
Revenue: $ 27,997.5
Net income: $ 793.3
EPS: $ 1.32
Result: reported results

Exact text from the filing

COMPREHENSIVE INCOME STATEMENTS June 2023 (millions) (unaudited) Year-to-Date 2023 2022 % Change Net premiums written $ 30,826.6 $ 25,603.1 20 Revenues: Net premiums earned $ 27,997.5 $ 23,950.8 17 Investment income 874.1 534.6 64 Net realized gains (losses) on securities: Net realized gains (losses) on security sales 104.8 492.1 (79) Net holding period gains

View on SEC.gov

Browse all earnings releases →

PROGRESSIVE CORP/OH/ filing history →

Source: SEC EDGAR

accession 0000080661-23-000034

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.