Progressive Reports June 2015 Results

Financial Release

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July 17, 2015 at 8:54 AM EDT
Progressive Reports June 2015 Results

 

MAYFIELD VILLAGE, OHIO - July 17, 2015 -- The Progressive Corporation (NYSE:PGR) today reported the following results for June 2015:

    June     Second Quarter
(millions, except per share amounts and ratios; unaudited) 2015   2014   Change 2015   2014   Change
                             
Net premiums written $ 1,602.0     $ 1,378.5     16 % $ 5,246.1     $ 4,627.7     13 %
Net premiums earned $ 1,552.5     $ 1,394.3     11 % $ 4,995.8     $ 4,513.5     11 %
Net income $ 94.6     $ 48.5     95 % $ 363.3     $ 293.4     24 %
Per share $ 0.16     $ 0.08     97 % $ 0.62     $ 0.49     25 %
Total pretax net realized gains (losses) on                            
securities (including net impairment losses) $  43.7     $ 15.2     188 % $ 76.0     $ 40.4     88 %
Combined ratio 95.2   97.8   (2.6) pts. 92.5   92.6   (0.1) pts.
Average diluted equivalent shares 589.1   595.0   (1) % 589.5   595.5   (1)  %
                             


We acquired a controlling interest in ARX Holding Corp. (ARX), parent company of American Strategic Insurance (ASI) and subsidiaries, on April 1, 2015. Therefore, 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) June   June    
      2015 2014 Change
Policies in Force           
Vehicles:          
 Agency - auto 4,753.6   4,872.7   (2) %
 Direct - auto 4,744.8   4,423.9   7 %
   Total personal auto 9,498.4   9,296.6   2 %
   Total special lines 4,127.8   4,064.3   2 %
     Total Personal Lines 13,626.2   13,360.9   2 %
     Total Commercial Lines 538.4   516.5   4 %
Property business 1,054.7   --   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 it 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 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.


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