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Dec 31, 2023
Progressive Q4 2023 Earnings Report
Reported December results and Q4 performance indicating growth in net premiums and a significant increase in net income.
Key Takeaways
Progressive reported a strong Q4 2023, marked by substantial growth in net premiums written and earned, alongside a significant increase in net income. The combined ratio improved, reflecting enhanced underwriting profitability. The company's performance benefited from a decrease in personal auto incurred frequency.
Net premiums written increased by 21% to $15.13 billion compared to Q4 2022.
Net premiums earned rose by 22% to $15.77 billion.
Net income saw a 141% increase, reaching $1.99 billion.
The combined ratio improved to 88.7 from 93.9, indicating better underwriting profitability.