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Progressive Reports March 2020 Results

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Apr 15, 2020

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Progressive March 2020 Complete Earnings Release: Download PDF

Apr 15, 2020

MAYFIELD VILLAGE, OHIO, April 15, 2020 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for March and the first quarter of 2020:  

      March       Quarter  
(millions, except per share amounts and ratios; unaudited) 2020   2019 Change 2020   2019 Change
               
Net premiums written $ 2,860.8     $ 2,959.7   (3)%   $ 9,871.3     $ 9,239.9   7%  
Net premiums earned $ 2,936.5     $ 2,668.6   10%   $ 9,430.7     $ 8,459.8   11%  
Net income attributable to Progressive $ 318.6     $ 194.8   64%   $ 692.7     $ 1,078.4   (36)%  
Per share available to common shareholders $ 0.54     $ 0.33   64%   $ 1.17     $ 1.83   (36)%  
Total pretax net realized gains (losses) on securities $ (329.1 )   $ 35.1   NM   $ (553.6 )   $ 414.5   NM  
Combined ratio   77.1       87.0   (9.9) pts.   86.9   88.8   (1.9) pts.  
Average diluted equivalent common shares   587.0       586.6   0%   586.9   586.6   0%  
NM = Not Meaningful                    

 

      March      
(thousands; unaudited) 2020   2019   Change  
Policies in Force            
Personal Lines            
Agency – auto 7,164.6   6,609.1   8%  
Direct – auto 8,126.3   7,335.3   11%  
Total personal auto 15,290.9   13,944.4   10%  
Total special lines 4,574.5   4,402.1   4%  
Total Personal Lines 19,865.4   18,346.5   8%  
Total Commercial Lines 759.7   711.6   7%  
Property business 2,264.1   2,002.3   13%  
Companywide Total 22,889.2   21,060.4   9%  
             

See Progressive's complete monthly earnings release, including all footnotes and the "Monthly Commentary," for additional information.

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; it is the third largest auto insurer in the country, a leading seller of motorcycle and commercial auto insurance, and one of the top 15 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 
investor_relations@progressive.com
 
The Progressive Corporation 
6300 Wilson Mills Road 
Mayfield Village, Ohio  44143

Source: Progressive Corporation

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