Progressive Reports March 2019 Results

Financial Release

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April 16, 2019 at 8:21 AM EDT
Progressive Reports March 2019 Results

 

MAYFIELD VILLAGE, OHIO – April 16, 2019 -- The Progressive Corporation (NYSE:PGR) today reported the following results for March and the first quarter of 2019:
 

 

 

March

 

 Quarter

(millions, except per share amounts and ratios; unaudited)

2019

 

2018

 

Change

2019

 

2018

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net premiums written

$

2,959.7

 

 

$

2,538.7

 

 

17

%

$

9,239.9

 

 

$

7,968.8

 

 

16

%

Net premiums earned

$

2,668.6

 

 

$

2,279.7

 

 

17

%

$

8,459.8

 

 

$

7,174.0

 

 

18

%

Net income attributable to Progressive

$

194.8

 

 

$

140.6

 

 

39

%

$

1,078.4

 

 

$

718.0

 

 

50

%

Per share available to common shareholders

$

0.33

 

 

$

0.24

 

 

38

%

$

1.83

 

 

$

1.22

 

 

49

%

Total pretax net realized gains (losses) on securities

$

 35.1

 

 

 $

(89.7)

 

 

(139)

%

 $

414.5

 

 

$

(48.2)

 

 

 

NM

Combined ratio

87.0

 

90.3

 

      (3.3) pts.

88.8

 

         88.4

 

    0.4 pts.

Average diluted equivalent common shares

586.6

 

585.7

 

0

%

586.6

 

       585.6

 

0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NM = Not Meaningful

 

(thousands; unaudited)

March

March

 

 

 

 

 

2019

2018

Change

Policies in Force 

 

 

 

 

 

Vehicle businesses:

 

 

 

 

 

  Agency – auto

6,609.1

 

5,909.1

 

12 %

  Direct – auto

7,335.3

 

6,385.6

 

15 %

 

 Total personal auto

13,944.4

 

12,294.7

 

13 %

 

 Total special lines

4,402.1

 

4,286.2

 

3 %

 

 

 Total Personal Lines

18,346.5

 

16,580.9

 

11 %

 

 

 Total Commercial Lines

711.6

 

659.0

 

8 %

Property business

2,002.3

 

1,651.0

 

21 %

 

 

 

 

 

 

 

 

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 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 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
http://www.progressive.com