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Jun 30, 2023
Progressive Q2 2023 Earnings Report
Progressive reported mixed results for Q2 2023, with net income increasing significantly but a combined ratio above 100%.
Key Takeaways
Progressive's Q2 2023 results showed a substantial increase in net income compared to the previous year, alongside growth in net premiums written and earned. However, the combined ratio exceeded 100, indicating underwriting losses.
Net premiums written increased by 18% to $14.72 billion.
Net premiums earned increased by 19% to $14.46 billion.
Net income improved significantly to $345.4 million from a loss of $542.9 million in the same quarter last year.
The combined ratio was 100.4, up from 95.6 in the prior year.
Progressive
Progressive
Forward Guidance
The company's second quarter Investor Relations conference call is scheduled for August 2, 2023, with a focus on loss reserving and cohort pricing.