Progressive Reports June 2017 Results

Financial Release

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July 18, 2017 at 8:00 AM EDT
Progressive Reports June 2017 Results

 

MAYFIELD VILLAGE, OHIO - July 18, 2017 -- The Progressive Corporation (NYSE:PGR) today reported the following results for June 2017 and the second quarter 2017:

    June   Quarter
(millions, except per share amounts and ratios; unaudited) 2017   2016   Change 2017   2016   Change
                             
Net premiums written1 $ 2,028.9     $ 1,860.6     9 % $ 6,746.1     $ 5,934.6     14 %
Net premiums earned $ 1,971.2     $ 1,741.8     13 % $ 6,313.3     $ 5,561.8     14 %
Net income attributable to Progressive $ 89.6     $ 60.5     48 % $ 367.6     $ 190.9     93 %
Per share $ 0.15     $ 0.10     48 % $ 0.63     $ 0.33     93 %
Total pretax net realized gains (losses) on                            
securities (including net impairment losses) $  5.4     $ (0.4)       NM   $ 32.1     $ 32.3     (1) %
Combined ratio 95.3   96.0   (0.7) pts. 93.2     96.8     (3.6) pts.
Average diluted equivalent shares 584.0   584.8   0 % 583.8     585.1   0 %
                             

1 Our June 2016 net premiums written included $70.3 million related to the termination of a 10% quota share reinsurance agreement in our Property business. Adjusting for the termination, the change in net premiums written would have been 13% for the month and 15% for the second quarter.
NM = Not Meaningful

(thousands; unaudited) June   June    
      2017 2016 Change
Policies in Force           
Vehicle businesses:          
 Agency - auto 5,350.3   4,937.6   8 %
 Direct - auto 5,692.6   5,284.4   8 %
   Total personal auto 11,042.9   10,222.0   8 %
   Total special lines 4,356.3   4,257.3   2 %
     Total Personal Lines 15,399.2   14,479.3   6 %
     Total Commercial Lines 625.7   600.3   4 %
Property business 1,311.1   1,177.0   11 %
               


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.

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.