Progressive Corp (NYSE:PGR) issued monthly results today, reporting an increase in net premiums written of 26% Y/Y to $6.08 billion in April.
- Net premium earned rose 18% Y/Y to $5.46 billion and total policies in force grew 11% Y/Y to 29.3 million, last month.
- The company generated revenues of $5.74 billion in April.
- The company also reported a net income of $196.3 million versus a net loss of $198.3 million in April 2022.
- The combined ratio stood at 97.9% versus 95.5% in April 2022.
- The company’s personal and commercial auto products witnessed unfavorable development of about 85% and 20% of the average monthly reserve, respectively, in April.
- Last month, 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 consensus of $15.87 billion, representing negative earnings of 14.73%.
- Price Action: PGR shares are trading higher by 5.72% at $137.18 Wednesday at publication.
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