Progressive Reports June 2016 Results

Financial Release

View printer-friendly version << Back
July 14, 2016 at 8:22 AM EDT
Progressive Reports June 2016 Results

 

MAYFIELD VILLAGE, OHIO - July 14, 2016 -- The Progressive Corporation (NYSE:PGR) today reported the following results for June and the second quarter 2016:

    June     Second Quarter
(millions, except per share amounts and ratios; unaudited) 2016   2015   Change 2016   2015   Change
                             
Net premiums written1 $ 1,860.6     $ 1,602.0     16 % $ 5,934.6     $ 5,246.1     13 %
Net premiums earned $ 1,741.8     $ 1,552.5     12 % $ 5,561.8     $ 4,995.8     11 %
Net income attributable to Progressive $ 60.5     $ 94.6     (36) % $ 190.9     $ 363.3     (47) %
Per share $ 0.10     $ 0.16     (36) % $ 0.33     $ 0.62     (47) %
Total pretax net realized gains (losses) on                            
securities (including net impairment losses) $  (0.4)     $ 43.7     (101) % $ 32.3     $ 76.0     (58) %
Combined ratio 96.0   95.2     0.8 pts. 96.8     92.5      4.3 pts.
Average diluted equivalent shares 584.8   589.1   (1) % 585.1     589.5   (1)  %
                             

1 Our June 2016 net premiums written includes $70.3 million related to the termination of a 10% quota share reinsurance agreement in our Property business. Adjusting for the termination, net premiums written would have increased 12% for the month and for the second quarter.

(thousands; unaudited) June   June    
      2016 2015 Change
Policies in Force           
Vehicle businesses:          
 Agency - auto 4,937.6   4,753.6   4 %
 Direct - auto 5,284.4   4,744.8   11 %
   Total personal auto 10,222.0   9,498.4   8 %
   Total special lines 4,257.3   4,127.8   3 %
     Total Personal Lines 14,479.3   13,626.2   6 %
     Total Commercial Lines 600.3   538.4   11 %
Property business2 1,177.0   1,054.7   12 %
               

2 Increase primarily reflects the exchange transaction that occurred in June; see the "Monthly Commentary" for additional discussion.

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.


HUG#2028525