Progressive Reports February 2016 Results

Financial Release

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March 16, 2016 at 8:23 AM EDT
Progressive Reports February 2016 Results

 

MAYFIELD VILLAGE, OHIO - March 16, 2016  -- The Progressive Corporation (NYSE:PGR) today reported the following results for February 2016:

               
(millions, except per share amounts and ratios; unaudited) February   February   Change
  2016   2015  
               
Net premiums written $ 1,933.5   $ 1,686.9   15 %
Net premiums earned $ 1,640.1   $ 1,438.9   14 %
Net income attributable to Progressive $ 96.6   $ 85.5   13 %
  Per share $ 0.17   $ 0.14   14 %
Total pretax net realized gains (losses) on securities              
  (including net impairment losses) $ 10.2   $ 30.4   (66)%
Combined ratio   93.4     94.8   (1.4) pts.
Average diluted equivalent shares   585.3     591.4   (1) %
               


We acquired a controlling interest in ARX Holding Corp. (ARX), parent company of American Strategic Insurance Corp. and other subsidiaries (ASI), on April 1, 2015. Beginning in April 2015, our companywide results include the results of ARX and its subsidiaries, which are included in the "Property business" throughout the release. Periods prior to April 1, 2015, do not include ARX's results.

(thousands; unaudited) February   February    
      2016 2015 Change
Policies in Force           
Vehicle businesses:          
 Agency - auto 4,829.7   4,758.2   2 %
 Direct - auto 5,112.3   4,635.4   10 %
   Total personal auto 9,942.0   9,393.6   6 %
   Total special lines 4,120.9   4,026.4   2 %
     Total Personal Lines 14,062.9   13,420.0   5 %
     Total Commercial Lines 567.1   517.9   9 %
Property business 1,077.4   --   NM
               


NM = Not meaningful; Property business written by Progressive prior to April 2015 was negligible.

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 http://www.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 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.


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