Welcome to our dedicated page for Progressive Corporation news (Ticker: PGR), a resource for investors and traders seeking the latest updates and insights on Progressive Corporation stock.
Progressive Corporation (NYSE: PGR) is a leading American insurance company specializing in auto and home insurance. Established in 1937 and headquartered in Mayfield Village, Ohio, Progressive has grown to become the second largest auto insurer in the United States and a major player in the homeowners insurance market.
Progressive is well-known for its innovative insurance solutions, offering products for personal and commercial autos, motorcycles, boats, recreational vehicles, and homes. The company's unique services, such as Name Your Price® and Snapshot®, have revolutionized the industry by giving customers more control over their insurance choices. With almost 20 million auto policies in force, Progressive serves over 13 million customers across all 50 states through a robust distribution network of independent agents, online platforms, and direct marketing channels.
Recently, Progressive has focused on expanding its workforce to support its continued growth. In 2024, the company announced a significant hiring initiative to fill various roles, including remote, in-office, and hybrid positions across claims, customer care, IT, legal, and corporate functions. This effort aims to enhance customer service and support the company's expanding customer base.
Progressive's financial health is robust, reflecting consistent year-over-year increases in policies and total revenue. In 2023, the company reported a 25% increase in total revenue compared to the previous year. Progressive's commitment to innovation and customer satisfaction has earned it a spot on FORTUNE's 100 Best Companies to Work For® in 2024, highlighting its inclusive and forward-thinking corporate culture.
For investors, Progressive's stock (PGR) offers a stable and promising opportunity, backed by solid financial performance and a strong business model. The company regularly updates its shareholders with detailed earnings releases and is transparent about its financial operations and strategic initiatives.
Progressive continues to lead the insurance industry with a focus on customer-centric solutions, operational excellence, and a commitment to its employees' and stakeholders' well-being. For more information, visit their website at progressive.com.
Progressive Insurance has appointed Remi Kent as the new Chief Marketing Officer, effective November 1, 2021. Kent previously served as the Global Chief Marketing Officer at 3M, overseeing e-commerce and marketing strategies. She succeeds Jeff Charney, who announced his retirement in March 2021. Kent is noted for her extensive experience and commitment to diversity and inclusion, having held various leadership roles at 3M and Procter & Gamble. The leadership change aims to strengthen the brand's growth and innovation initiatives.
The Progressive Corporation (NYSE:PGR) reported mixed results for August 2021. Net premiums written increased by 13% year-over-year, totaling $3,890.9 million, while net premiums earned rose by 14% to $3,513.8 million. However, the company reported a net loss of $6.6 million, a significant decline from a profit of $487.4 million a year earlier, resulting in a loss per share of $0.02. The combined ratio worsened to 105.3 from 92.6, indicating increased underwriting losses. Conversely, total pretax net realized gains on securities dropped by 60%, totaling $131.5 million, down from $330.9 million.
AM Best has upgraded the Long-Term Issuer Credit Ratings for Protective Insurance Corporation Group and its subsidiaries to “a+” and affirmed the Financial Strength Rating of A. This upgrade follows Progressive Corporation's acquisition of Protective, valued at approximately $338 million. The ratings reflect Protective's strong balance sheet and improved operating performance since 2018, supported by recent corrective measures including strengthening loss reserves. The outlook for these ratings is stable, indicating confidence in Protective's integration and future prospects under Progressive's management.
The Progressive Corporation (NYSE:PGR) reported its July 2021 financial results, highlighting a net premium written of $4,551.6 million, an 11% increase from July 2020. Net premiums earned reached $4,313.5 million, reflecting a 14% growth year-over-year. However, net income decreased significantly by 69% to $255.4 million compared to $812 million in the previous year. The combined ratio deteriorated to 96.7% from 83.5%, indicating increased losses. Despite these challenges, policies in force for personal lines showed a healthy 9% growth.
The Progressive Corporation (NYSE:PGR) declared a $0.10 dividend per common share, payable on October 15, 2021, to shareholders on record by October 7, 2021, with an ex-dividend date of October 6, 2021.
Additionally, a dividend of $26.875 per Series B Preferred Share, totaling $13.4 million, will be distributed on September 15, 2021, to holders of record by August 31, 2021.
The Progressive Corporation (NYSE: PGR) will host an Investor Relations event on August 4, 2021, starting at 9:30 a.m. ET. The event features a 45-minute presentation on Commercial Lines followed by a Q&A session with CEO Tricia Griffith and CFO John Sauerland. Participants can join via conference call or live webcast. Progressive will also file its Quarterly Report on Form 10-Q on August 3, 2021. Presentation slides will be available shortly before the event starts. Replay options for the conference call will be offered post-event.
The Progressive Corporation (NYSE:PGR) reported robust growth in net premiums written for June 2021, totaling $3,627.3 million, a 13% increase year-over-year. Net premiums earned reached $3,459.9 million, up 14% from 2020. However, net income saw a significant decline of 72%, falling to $132.8 million from $470.9 million in June 2020. The company’s combined ratio increased to 100.5, indicating a loss on underwriting operations. The results for the quarter also reflect a similar trend, with total net income down 56% compared to the previous year, attributed partly to the acquisition of Protective Insurance Corporation.
Progressive Insurance plans to hire up to 6,400 new employees in 2021 to support growth, following $42 billion in total revenues for 2020. The hiring will focus on claims, customer care, technology, and legal positions across the country, including 3,000 remote Call Center jobs. Progressive emphasizes promoting from within, filling over 80% of jobs at levels above entry. Employee benefits include medical, dental, and four weeks of paid parental leave. The company's commitment to its staff underlines its culture and stability.
The Progressive Corporation (NYSE:PGR) reported its May 2021 results, revealing a 7% increase in net premiums written, totaling $3,402.4 million compared to $3,174.2 million in May 2020. Net premiums earned rose by 13% to $3,388.8 million from $2,991.2 million. However, net income decreased by 7% year-over-year to $341.1 million, down from $366.9 million. The combined ratio improved slightly to 93.1 compared to 93.7 in the previous year. The company’s total policies in force in personal auto increased by 11%.
Progressive's CMO, Jeff Charney, has been named the 2021 Brand CMO of the Year by Ad Age, marking him as the first awardee from the insurance sector. The recognition is attributed to Charney's innovative marketing strategies, including a unique 'network' approach featuring various characters and relatable insights that resonated with consumers, especially during challenging times. Progressive's CEO, Tricia Griffith, commended the team's creative culture and effectiveness. Notably, Charney is set to retire early in 2022, prompting a search for his successor.
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