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.

Total Revenue

$15.8B

Previous year: $12.9B