Progressive sees Q4 net income soar as combined ratio falls to 88.7%

Published on January 25, 2024

The Progressive Corporation has reported a Q4 2023 net income of $1.99 billion, up a massive 141% compared with the same period of 2022.

progressive-logoThe firm also disclosed that its combined ratio smoothed out in the quarter, dropping down to 88.7% compared to the 93.9% reported in Q4 of 2022.

Elsewhere, Progressive’s net premiums written in Q4 of 2023 reached $15.1 billion, while net premiums earned hit $15.8 billion, marking a 21% and 22% increase year over year, respectively.

Meanwhile, net premiums written for the full year 2023 were $61.6 billion, up from $51.1 billion in 2022.

Full year 2023 investment income also improved, reaching $1.9 billion, while Progressive’s policies in force for December breached $29.7 billion, up 9% from the $27.4 billion recorded in the same period of 2022.

With all this in mind, it is clear to see why the firm’s full year net income jumped from $721.5 million in 2022 to $3.9 billion in 2023.

Progressive also noted that in October 2023, it converted its monthly accounting closing calendar to align with the Gregorian calendar.

“We do not expect that this change will have a material impact on our reported quarterly and annual underwriting results but it may impact our year-over-year comparisons on monthly results from October 2023 through September 2024,” Progressive explained.

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