Earnings Summary: Highlights of Progressive Corporation’s Q2 2023 results

The Progressive Corporation (NYSE: PGR), an insurance holding company, has reported positive results for the second quarter of 2023.

• Second-quarter net premiums written increased by 18% to $14.72 billion from $12.42 billion in the corresponding period of last year
• Net premiums earned was $14.46 billion, up 19% compared to $12.15 billion reported in the second quarter of 2022
• The company reported a net income of $345.4 million for the June quarter, marking an improvement from the prior-year period when it incurred a loss of $542.9 million
• On a per-share basis, Q2 net income was $0.57 per share, compared to a loss of $0.94 per share in the same period of last year
• The combined ratio increased by 4.8 points to 100.4