Progressive Announces Quarterly Common Share Dividend, Share Repurchase Authorization, and April Results

Financial Release

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May 15, 2019 at 8:32 AM EDT
Progressive Announces Quarterly Common Share Dividend, Share Repurchase Authorization, and April Results

Progressive April 2019 Complete Earnings Release

MAYFIELD VILLAGE, OHIO - May 15, 2019 -- On May 10, 2019, the Board of Directors of The Progressive Corporation (NYSE:PGR) declared a $0.10 per common share dividend, payable July 15, 2019, to shareholders of record at the close of business on July 5, 2019 (ex-dividend date of July 3, 2019). The Board also renewed the Company's authorization to repurchase up to 25 million of its common shares. This authorization, which does not have an expiration date, replaced the prior authorization, which was terminated.

The Company today reported the following results for April 2019:

(millions, except per share amounts and ratios; unaudited) April   April   Change
  2019   2018  
Net premiums written $ 3,669.8   $ 3,226.9   14 %
Net premiums earned $ 3,348.3   $ 2,882.9   16 %
Net income attributable to Progressive $ 487.8   $ 260.6      87 %
  Per share available to common shareholders $ 0.83   $ 0.44      88 %
Total pretax net realized gains (losses) on securities $ 131.6   $ (6.6)   NM
Combined ratio   87.4     89.9   (2.5) pts.
Average diluted equivalent common shares   586.7     585.8   0 %

NM= Not Meaningful

(thousands; unaudited) April   April    
      2019 2018 Change
Policies in Force           
 Agency - auto 6,687.2   6,014.3   11 %
 Direct - auto 7,427.8   6,506.7   14 %
   Total personal auto 14,115.0   12,521.0   13 %
   Total special lines 4,444.2   4,318.5     3 %
     Total Personal Lines 18,559.2   16,839.5   10 %
     Total Commercial Lines 721.7   667.4     8 %
     Property business 2,024.8   1,688.6     20 %

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, 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 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

The Progressive Corporation
6300 Wilson Mills Road
Mayfield Village, Ohio  44143

This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: The Progressive Corporation via Globenewswire