Progressive Reports November 2023 Results; EPS Of $1.15; Net income Of $680.6M
Portfolio Pulse from Benzinga Newsdesk
Progressive Corporation (NYSE:PGR) reported its November 2023 results with a net income of $680.6 million and earnings per share (EPS) of $1.15. Net premiums written were $4,725.1 million, and net premiums earned were $5,079.0 million. The company saw a combined ratio of 91.1 for the current year, an improvement from the prior year's 92.2. Progressive also reported a total pretax net realized gains on securities of $246.5 million. Policies in force increased across all categories, with personal auto up by 9%, special lines by 7%, and property business by 8%. The company has modified its earnings release content due to a change in its monthly accounting closing calendar to align with the Gregorian calendar, which may affect year-over-year comparisons from October 2023 through September 2024.
December 15, 2023 | 1:50 pm
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Progressive Corporation reported strong November 2023 results with increased net income, EPS, and growth in policies in force, indicating a positive performance trend.
The reported increase in net income, EPS, and policies in force, along with a favorable combined ratio, are positive indicators of the company's financial health and operational efficiency. These results are likely to be viewed positively by investors, potentially leading to a short-term increase in stock price.
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