MAYFIELD VILLAGE, OHIO - April 15, 2015 -- The Progressive Corporation (NYSE:PGR) today reported the following results for March and the first quarter 2015:
| | | March | | First Quarter |
| (millions, except per share amounts and ratios; unaudited) | 2015 | | 2014 | | Change | 2015 | | 2014 | | Change |
| | | | | | | | | | | | | | | |
| Net premiums written | $ | 1,606.3 | | | $ | 1,563.9 | | | 3 | % | $ | 5,066.8 | | | $ | 4,681.0 | | | 8 | % |
| Net premiums earned | $ | 1,457.4 | | | $ | 1,374.9 | | | 6 | % | $ | 4,666.3 | | | $ | 4,402.3 | | | 6 | % |
| Net income | $ | 120.7 | | | $ | 118.5 | | | 2 | % | $ | 295.6 | | | $ | 321.3 | | | (8) | % |
| Per share | $ | 0.20 | | | $ | 0.20 | | | 0 | % | $ | 0.50 | | | $ | 0.54 | | | (7) | % |
| Total pretax net realized gains (losses) on | | | | | | | | | | | | | | |
| securities (including net impairment losses) | $ | 9.8 | | | $ | 38.6 | | | (75) | % | $ | 33.0 | | | $ | 119.4 | | | (72) | % |
| Combined ratio | 90.0 | | 91.8 | | (1.8) pts. | 92.7 | | 93.4 | | (0.7) pts. |
| Average diluted equivalent shares | 590.4 | | 596.7 | | (1) | % | 591.0 | | 597.7 | | (1) | % |
| | | | | | | | | | | | | | | |
| (thousands; unaudited) | March | | March | | |
| | 2015 | | 2014 | Change |
| Policies in Force: | | | | | |
| Agency - auto | 4,765.6 | | 4,911.8 | | (3)% |
| Direct - auto | 4,679.8 | | 4,384.1 | | 7 % |
| Total personal auto | 9,445.4 | | 9,295.9 | | 2 % |
| Total special lines | 4,046.9 | | 3,982.9 | | 2 % |
| Total Personal Lines | 13,492.3 | | 13,278.8 | | 2 % |
| Total Commercial Lines | 522.6 | | 509.4 | | 3% |
| | | | | | |
Our 2015 Annual Investor Relations Meeting is scheduled to be held on Thursday, May 14, 2015 at 1:00 p.m. eastern time. Registration for the webcast will be available later this month.
We plan to release April results on May 20, 2015, before the market opens. Our April results will include the results of ARX Holding Corp. and its subsidiaries, in which we acquired a controlling interest.
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 it 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 its majority-owned subsidiary, American Strategic Insurance (ASI).
Progressive is the fourth largest auto insurer in the country; a leading seller of motorcycle and commercial auto insurance; and through ASI, one of the top 20 homeowners carriers. Progressive also offers car insurance online in Australia at http://www.progressiveonline.com.au.
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 Service Centers.
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
To view the complete release, click the attachment below.
HUG#1911242