Progressive Corporation - PGR STOCK NEWS

The Progressive Corporation (NYSE:PGR) reported significant financial growth in March and Q1 2021. Net premiums written increased by 32% YoY to $3,772.5 million, while net premiums earned rose 11% to $3,269.9 million. Net income surged 78% to $567.9 million, with earnings per share climbing 79% to $0.96. The company's combined ratio worsened to 90.7 from 77.1, indicating increased expenses. Total policies in force for personal lines grew 12% YoY, reaching 22,229,000, with ongoing demand in the personal auto segment driving these results.

The Progressive Corporation (NYSE:PGR) reported a strong performance for February 2021, with net premiums written of $3,852.4 million, representing a 13% increase from $3,404.2 million in February 2020. Net premiums earned rose by 10% to $3,202.5 million.

Net income attributable to Progressive surged 428% to $354.6 million compared to $67.1 million in the prior year, resulting in earnings per share of $0.60 versus $0.11.

Progressive Insurance (NYSE: PGR) announced the retirement of Chief Marketing Officer Jeff Charney, effective January 2022, to ensure a seamless transition with his successor. Charney has led significant marketing initiatives since 2010, including the development of an innovative content ecosystem and a best-in-class marketing team. His strategies contributed to eight consecutive years of sales growth. The company is now focused on finding a new CMO to maintain brand momentum. Charney's decision to retire comes after navigating challenges during the COVID-19 crisis.

The Progressive Corporation (NYSE:PGR) has declared a quarterly dividend of $0.10 per share, set for payment on April 15, 2021. Shareholders of record by the close of business on April 7, 2021 will receive this dividend, which is an important commitment to returning value to investors. Progressive is recognized as the third largest auto insurer in the U.S. and offers a wide range of insurance products, demonstrating a solid market position and ongoing customer engagement.

The Progressive Corporation (NYSE: PGR) will host an Investor Relations conference call on March 2, 2021, at 1:00 p.m. ET. The call will last approximately 60 minutes, featuring CEO Tricia Griffith and CFO John Sauerland. A question and answer session will be included for callers. Additionally, Progressive plans to file its Annual Report on Form 10-K on March 1, 2021, and post its Shareholders’ Report online. Replays of the call will be available shortly after, with the webcast accessible until March 4, 2022.

The Progressive Corporation (NYSE:PGR) announced its financial results for January 2021, demonstrating strong performance across key metrics. Net premiums written reached $4,104.2 million, a 14% increase from $3,606.3 million in January 2020. Net premiums earned also rose to $3,947.8 million, up 10% from $3,579.1 million. The company reported a net income attributable to Progressive of $557.5 million, a significant 82% increase compared to $307.0 million last year. Additionally, the combined ratio improved to 86.3, down 5.8 points from 92.1.

Progressive Corporation announced an agreement to acquire Protective Insurance Corporation for $23.30 per share, totaling approximately $338 million. The transaction, unanimously approved by Protective's Board, is expected to close by Q3 2021, pending regulatory and shareholder approvals. This acquisition will enhance Progressive’s commercial auto insurance capabilities, particularly in larger fleet and workers’ compensation coverage. Protective shareholders will receive a 49.1% premium based on recent stock prices.

The Progressive Corporation (NYSE:PGR) reported its December 2020 and Q4 2020 results, indicating a decline in net premiums written by 16% to $2.79 billion in December, while Q4 net premiums written fell by 1% to $9.54 billion. Net premiums earned saw an 11% decrease in December, totaling $3.16 billion, and a 3% increase in Q4 to $10.21 billion. Despite these drops, net income attributable to Progressive surged 53% to $706 million in December and increased 57% to $1.68 billion in Q4. The company also recorded a significant improvement in total pretax net realized gains on securities, up 172% to $340.9 million in December.

The Progressive Corporation (NYSE:PGR) reported strong financial results for November 2020, showcasing a significant year-over-year growth in key metrics. Net premiums written reached $2,957.9 million, marking a 14% increase from $2,596.1 million in 2019. Net premiums earned also rose by 11% to $3,150.8 million. The net income attributable to Progressive surged to $739.8 million, up 142% from $306.1 million in the previous year. Additionally, the per share earnings rose to $1.26, reflecting strong financial health.