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The Progressive Company (NYSE: PGR), an insurance coverage holding firm, has reported a pointy enhance in earnings for the fourth quarter of 2023.
- Fourth-quarter internet revenue greater than doubled to $1.99 billion from $826.4 million within the comparable interval of 2022
- On a per-share foundation, earnings jumped to $3.37 per share within the December quarter from $1.40 per share final 12 months
- At $15.13 billion, internet premiums written had been up 21% year-over-year; Internet premiums earned rose 22% to $15.77 billion
- The mixed ratio was 88.7 in This fall, vs. 93.9 within the prior-year interval
- In December, internet revenue got here in at $901.2 million, or $1.53 per share; Internet premiums written had been $4.88 billion
- On the finish of the quarter, Progressive had a complete of 29.70 million insurance policies in power, up 9% year-over-year
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