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Progressive This fall Internet Revenue Up 141% as Mixed Ratio Exceeds Purpose for 2023

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Progressive Corp. right this moment mentioned fourth quarter 2023 web earnings jumped to almost $2 billion in comparison with about $826 million a 12 months in the past throughout the identical interval.

The Mayfield Village, Ohio-based insurer reported some quarterly and 12 months outcomes because it introduced its month-to-month tally for December of $901.2 million in web earnings.

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Progressive recorded a fourth quarter 2023 mixed ratio of 88.7 and a full-year mixed ratio of 94.9—exceeding its aim of 96 for 2023. Private strains improved on its 2022 mixed ratio of 96 by logging a mixed ratio of 93.8 for 2023.

Associated: Progressive in a Better Place With Reserve Boosts Done, CEO Says

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Internet earnings for all of 2023 was $3.9 billion in comparison with the prior-year complete of $721.5 million, which was down about 78% from web earnings of $3.35 billion for the 12 months 2021 because of losses in its funding portfolio. Funding earnings rebounded in 2023 to about $1.9 billion versus about $1.3 billion in 2022. A web realized loss on securities of about $1.9 billion in 2022 was reversed to a acquire of about $353 million in 2023.

Fourth quarter web premiums written elevated 21% to about $15.1 billion.

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Internet premiums written in 2023 noticed progress in private, business and property of 24%, 8%, and 18%, respectively.

For the month of December, Progressive mentioned it benefited from a “important” lower in incurred frequency in private auto. In actual fact, the incurred frequency for the month was the bottom Progressive has seen in not less than 20 years.

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“We consider that underwriting actions, a shift within the mixture of enterprise to a extra most popular tier of consumers, gentle climate circumstances, and the change in our month-to-month accounting closing calendar, amongst different components, contributed to the unusually low frequency in the course of the month,” Progressive mentioned.

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