Progressive Reports 16% Increase In Net Premium Written In May 2023

Progressive Corp PGR issued monthly results today, reporting an increase in net premiums written to 16% to $4.32 billion in May 2023.

Net premium earned rose 19% to $4.49 billion, and total policies in force grew 11% to 29.5 million last month.

The company also reported a net income of $108.2 million versus $92.1 million in May 2022.

The combined ratio stood at 99.0% versus 96.5% in April 2022.

Earlier, Progressive issued monthly results, reporting an increase in net premiums written of 26% to $6.08 billion in April.

In April, Progressive reported first quarter 2023 EPS of $0.65 compared to the analyst consensus estimate of $1.37, representing a 52.55% negative earnings surprise. 

The company reported quarterly sales of $13.53 billion versus the consensus of $15.87 billion.

Last month, PGR launched Heavy Truck Roadside Assistance (HT RSA) as an optional coverage for the commercial auto customers.  

Price Action: PGR shares are trading lower by 2.98% at $127.76 on the last check Wednesday.