Progressive Reports October 2023 Results: EPS $0.68; Net Income $406M
Portfolio Pulse from Benzinga Newsdesk
The Progressive Corporation (NYSE:PGR) reported its October 2023 results with a net income of $406 million and earnings per share (EPS) of $0.68. Net premiums written were $5.53 billion, and net premiums earned were $5.38 billion. The company experienced a combined ratio of 91.7 for the current year, an improvement from the prior year's 95.9. Progressive also saw growth in policies in force across all segments, with personal auto policies increasing by 10%, special lines by 7%, and total property business by 7%. However, the company reported a total pretax net realized loss on securities of $87.1 million.
November 17, 2023 | 1:28 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
Progressive Corporation reported a strong financial performance for October 2023, with significant growth in policies in force and a net income of $406 million. Despite a pretax net realized loss on securities, the overall results are positive.
The positive earnings report, with increased net income and growth in policies in force, is likely to be viewed favorably by investors, potentially leading to a short-term uptick in PGR's stock price. The improvement in the combined ratio also indicates better profitability in underwriting. However, the loss on securities could slightly temper investor enthusiasm.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100