Progressive’s April underlying CoR improves 10.5 points to 88.1% sequentially

May 17, 2023

Progressive’s underlying combined ratio improved 10.5 points to 88.1% in April from 98.6% in March, as its expense and loss ratios both improved.

Shares rose 5.5% today to $136.90 per share from yesterday’s close.

The company booked another 2.6 points of unfavorable reserve development during the quarter, with 85% attributed to auto and 20% to commercial auto.

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