Progressive Q4 net income up 141% to $1.99B; combined ratio improves 5.2 pts to 88.7%

PROGRESSIVE CORP/OH/

2023-FY EPS reported $6.58 revenue$62,108,500,000

Q4 net income $1,987.8M ($3.37 diluted EPS) vs $826.4M ($1.40) a year ago.
Full year net premiums written $61.55B (+20% YoY); combined ratio 94.9% vs 98.4% in 2022.
December personal auto incurred frequency lowest in 20+ years, boosting underwriting.
Board authorizes redemption of all Series B preferred shares ($500M) on Feb 22, 2024.
Q4 net premiums earned $15.77B (+22% YoY); investment income $141.7M.

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 December 2023 and the fourth quarter of 2023 results: net income $ 1,987.8, EPS $ 3.37.

Period: December 2023 and the fourth quarter of 2023
Net income: $ 1,987.8
EPS: $ 3.37
Result: reported results

Exact text from the filing

The Progressive Corporation (NYSE:PGR) today reported the following results for December 2023 and the fourth quarter of 2023: December Quarter (millions, except per share amounts and ratios; unaudited) 2023 2023 2022 Change Net premiums written $ 4,875.9 $ 15,129.8 $ 12,460.2 21 % Net premiums earned $ 5,310.4 $ 15,772.6 $ 12,891.5 22 % Net income $ 901.2 $ 1,987.8 $ 826.4 141 % Per share available to common shareholders $ 1.53 $ 3.37 $ 1.40 141 %

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

PROGRESSIVE CORP/OH/ reported month of, and year ended, December 2023 results: net income $ 3,902.4, EPS $ 6.58.

Period: month of, and year ended, December 2023
Net income: $ 3,902.4
EPS: $ 6.58
Result: reported results

Exact text from the filing

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 ended, December 2023 and selected quarterly financial results.

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PROGRESSIVE CORP/OH/ filing history →

Source: SEC EDGAR

accession 0000080661-24-000002

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