Fourth quarter 2021 earnings at Progressive Corp. fell 43% in contrast with the identical time interval a yr in the past to $962.3 million.
The outcomes had been regardless of the non-public and business property insurer posting a rise of 13% in web premiums written over the last three months of 2021. Progressive stated its fourth quarter mixed ratio jumped over 6 factors to 94.7 in contrast with the prior yr fourth quarter.
Internet revenue for the total yr was about $3.35 billion, a 41% drop from about $5.7 billion in 2020, whereas web premiums written elevated 14%. The corporate’s total mixed ratio for 2021 was 95.3 – 88.9 from its business strains enterprise and 115.3 from private strains.
For the month of December, web revenue was down 44% to $393.3 million. Whereas the December mixed ratio for Progressive’s business strains was a worthwhile 85.1, it’s mixed ratio for the property enterprise was 112.8, which included 38.2 factors from disaster losses as a result of U.S. storms and tornadoes, and wildfires in Colorado.
The insurer plans to launch January outcomes on Feb. 16 and has scheduled an earnings name with analysts for Match 1.
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