---
schema_version: "secwatch.filing_event.v1"
accession: "0000080661-23-000034"
form_type: "8-K"
ticker: "PGR"
cik: "0000080661"
company_name: "PROGRESSIVE CORP/OH/"
filed_at: "2023-07-13T23:59:59+00:00"
generated_at: "2026-06-13T09:12:37.333036+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000080661-23-000034
- form_type: 8-K
- ticker: PGR
- cik: 0000080661
- company_name: PROGRESSIVE CORP/OH/
- filed_at: 2023-07-13T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/80661/000008066123000034/0000080661-23-000034-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/80661/000008066123000034/pgr-20230713.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000080661-23-000034
- JSON: https://secwatch.observer/filing/0000080661-23-000034.json
- Plain text: https://secwatch.observer/filing/0000080661-23-000034.txt

## Key facts
- Earnings Releases
  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
  source text: 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) %
  evidence_url: https://www.sec.gov/Archives/edgar/data/80661/000008066123000034/0000080661-23-000034-index.htm
- Earnings Releases
  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
  source text: 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) % $
  evidence_url: https://www.sec.gov/Archives/edgar/data/80661/000008066123000034/0000080661-23-000034-index.htm
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/80661/000008066123000034/0000080661-23-000034-index.htm

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