Categories Earnings, Finance

Earnings Summary: Highlights of Progressive Corp’s Q3 2023 financial results

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

  • Third-quarter net premiums written increased by 20% to $15.6 billion from $13.0 billion in the corresponding period of last year
  • Net premiums earned were $14.9 billion in Q3, up 20% compared to $12.4 billion reported in the third quarter of 2022
  • The company reported a net income of $1.12 billion for the September quarter, marking a significant improvement from the prior-year period when reported earnings of $124.1 million
  • On a per-share basis, Q3 net income was $1.89, compared to $0.20 in the same period of last year
  • Meanwhile, the combined ratio decreased by 6.8 points to 92.4

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