The Progressive (PGR) Revenue — Quarter Ended Jun 30, 2023
Revenue increased in the second quarter, building on the prior quarter's growth and significantly exceeding the same quarter last year. The company's insurance subsidiaries reported strong premium growth.
Key takeaway
Quarter ended Jun 30, 2023 · FY2023 Q2
Revenue increased in the second quarter, building on the prior quarter's growth and significantly exceeding the same quarter last year. The company's insurance subsidiaries reported strong premium growth.
Financial snapshot
Reported revenue, sequential change, year-over-year change, and trailing four-quarter revenue.
Quarter revenue
$15.4B
Revenue reported for this quarter.
Quarter-over-quarter
+7.3%
Change from the immediately preceding quarter.
Year-over-year
+33.3%
Change from the comparable year-ago quarter.
Trailing four quarters
$55.9B
Sum of the latest four reported quarters.
Quarterly revenue trend
The latest four reported quarters with year-over-year comparisons.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Sep 30, 2022 | $12.8B | +7.8% |
| Dec 31, 2022 | $13.5B | +7.8% |
| Mar 31, 2023 | $14.3B | +20.8% |
| Jun 30, 2023 | $15.4B | +33.3% |
Revenue performance
The reported revenue rose compared to both the immediately preceding quarter and the same period one year earlier. The trailing twelve-month revenue reflects continued expansion.
Quarterly comparison
Sequentially, revenue improved from the first quarter of the fiscal year. Year over year, the increase was substantial, outpacing the prior year's quarterly performance.
What to watch
Underwriting margins were affected by unfavorable prior accident years reserve development and higher catastrophe losses during the quarter.