The Progressive (PGR) Revenue — Quarter Ended Sep 30, 2023
Revenue increased in the quarter compared to both the immediate prior period and the same period one year earlier. The company reported strong growth in premiums and policies, along with underwriting profitability.
Key takeaway
Quarter ended Sep 30, 2023 · FY2023 Q3
Revenue increased in the quarter compared to both the immediate prior period and the same period one year earlier. The company reported strong growth in premiums and policies, along with underwriting profitability.
Financial snapshot
Reported revenue, sequential change, year-over-year change, and trailing four-quarter revenue.
Quarter revenue
$15.6B
Revenue reported for this quarter.
Quarter-over-quarter
+1.3%
Change from the immediately preceding quarter.
Year-over-year
+21.8%
Change from the comparable year-ago quarter.
Trailing four quarters
$58.7B
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 |
|---|---|---|
| Dec 31, 2022 | $13.5B | +7.8% |
| Mar 31, 2023 | $14.3B | +20.8% |
| Jun 30, 2023 | $15.4B | +33.3% |
| Sep 30, 2023 | $15.6B | +21.8% |
Revenue performance
The revenue growth was supported by higher premiums collected and improved underwriting results, including lower catastrophe losses compared to the prior year.
Quarterly comparison
Sequentially, revenue improved from the preceding quarter. On a year-over-year basis, revenue was significantly higher than the same quarter in the prior year.
What to watch
Management continues to monitor the debt-to-capital ratio and plans to manage rate levels and advertising spend going forward.