Financial Release

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Progressive Reports October 2018 Results

MAYFIELD VILLAGE, OHIO – November 14, 2018 -- The Progressive Corporation (NYSE:PGR) today reported the following results for October 2018:

 

 

 

 

 

 

 

(millions, except per share amounts and ratios; unaudited)

October

 

October

 

Change

 

2018

 

2017

 

 

 

 

 

 

 

 

 

Net premiums written

$

3,251.4

 

$

2,758.2

 

18 %

Net premiums earned

$

3,110.4

 

$

2,587.7

 

20 %

Net income (loss) attributable to Progressive

$

(31.7)

 

$

160.1

 

 (120) %

     Per share available to common shareholders1

$

(0.06)

 

$

0.27

 

 (121) %

Total pretax net realized gains (losses) on securities

$

(259.9)

 

$

2.2

 

NM

Combined ratio

 

95.9

 

 

92.5

 

3.4 pts.

Average equivalent common shares1

 

582.8

 

 

585.6


0 %

 

 

 

 

 

 

 

 

NM= Not Meaningful
1Since we reported a net loss, the amounts reported for October 2018 represent basic earnings per share and basic average equivalent shares since the calculated diluted earnings per share were antidilutive. For October 2017, amounts are reported on a diluted basis.

(thousands; unaudited)

October

 

October

 

 

 

 

 

2018

2017

Change

Policies in Force 

 

 

 

 

 

Vehicle businesses:

 

 

 

 

 

  Agency – auto

6,309.9

 

5,590.0

 

13 %

  Direct – auto

6,947.2

 

5,974.7

 

16 %

 

 Total personal auto

13,257.1

 

11,564.7

 

15 %

 

 Total special lines

4,406.3

 

4,385.7

 

0 %

 

 

 Total Personal Lines

17,663.4

 

15,950.4

 

11 %

 

 

 Total Commercial Lines

696.2

 

643.5

 

8 %

Property business

1,893.0

 

1,409.4

 

34 %

 

 

 

 

 

 

 

 


About Progressive
The Progressive Group of Insurance Companies makes it easy to understand, buy and use auto insurance. Progressive offers choices so consumers can reach us whenever, wherever and however it's most convenient - online at progressive.com, by phone at 1-800-PROGRESSIVE, on a mobile device or in-person with a local agent.

Progressive provides insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes. Home insurance is underwritten by select carriers, including American Strategic Insurance Corp. and subsidiaries (ASI), our majority owned subsidiaries.

Progressive is the third largest auto insurer in the country; a leading seller of motorcycle and commercial auto insurance; and through ASI, one of the top 20 homeowners insurance carriers.

Founded in 1937, Progressive continues its long history of offering shopping tools and services that save customers time and money, like Name Your Price®, Snapshot®, and HomeQuote Explorer®.

The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, trade publicly at NYSE:PGR.
    
    
Company Contact:

Julia Hornack
(440) 395-2164

The Progressive Corporation
6300 Wilson Mills Road
Mayfield Village, Ohio 44143
http://www.progressive.com
   

Progressive October 2018 Complete Earnings Release

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