The Progressive Corporation (NYSE: PGR), an insurance holding company, has reported a sharp increase in earnings for the fourth quarter of 2023.
- Fourth-quarter net income more than doubled to $1.99 billion from $826.4 million in the comparable period of 2022
- On a per-share basis, earnings jumped to $3.37 per share in the December quarter from $1.40 per share last year
- At $15.13 billion, net premiums written were up 21% year-over-year; Net premiums earned rose 22% to $15.77 billion
- The combined ratio was 88.7 in Q4, vs. 93.9 in the prior-year period
- In December, net income came in at $901.2 million, or $1.53 per share; Net premiums written were $4.88 billion
- At the end of the quarter, Progressive had a total of 29.70 million policies in force, up 9% year-over-year
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