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Mar 31, 2023
Progressive Q1 2023 Earnings Report
Progressive's financial performance for Q1 2023 was reported, showing increased net premiums written and earned, and improved net income compared to the previous year.
Key Takeaways
Progressive reported a strong first quarter with a 43% increase in net income, driven by growth in net premiums written and earned. The combined ratio increased to 99.0, reflecting higher losses and loss adjustment expenses.
Net premiums written increased by 22% to $16.1 billion.
Net premiums earned increased by 15% to $13.5 billion.
Net income increased by 43% to $447.9 million.
The combined ratio was 99.0, a 4.5 percentage point increase from the prior year.
Progressive
Progressive
Forward Guidance
Progressive anticipates changes to their accounting calendar in the fourth quarter of 2023 to align with a traditional Gregorian calendar.