The company said its net income for Q4 2023 was $1,987.8 million, compared with $826.4 million in Q4 2022, a 141% change, and that its combined ratio was 88.7, compared with 93.9 in the prior-year period, a change of (5.2) pts.

1. 01

   The company said its net income for Q4 2023 was $1,987.8 million, compared with $826.4 million in Q4 2022, a 141% change, and that its combined ratio was 88.7, compared with 93.9 in the prior-year period, a change of (5.2) pts.

2. 02

   Progressive reported full-year 2023 net premiums written of $61,550.2 million, net premiums earned of $58,664.4 million and net income of $3,902.4 million. Net income for 2022 was $721.5 million.

3. 03

   The company reported net premiums earned of $5,310.4 million, net income of $901.2 million and a combined ratio of 83.4 for December 2023. It said personal auto incurred frequency, excluding comprehensive losses, in December was the lowest it has experienced in at least the last 20 years.

4. 04

   The company said it decided to redeem all outstanding Series B Fixed-to-Floating Rate Cumulative Perpetual Serial Preferred Shares in January 2024 at $1,000 per share. The aggregate payout is $500 million, plus all accrued and unpaid dividends, with a redemption date of February 22, 2024.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.