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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