Progressive Corporation - PGR STOCK NEWS

The Progressive Corporation (NYSE:PGR) reported its February 2022 figures highlighting significant growth in net premiums written, totaling $4,625.7 million, a 20% increase year-over-year. Net premiums earned rose by 13%, reaching $3,626.1 million. However, net income saw a drastic decline of 83%, dropping to $61.6 million, with earnings per share also down by 83% to $0.10. Additionally, the company's combined ratio worsened by 2.3 points to 93.7%. Despite negative earnings growth, the overall premium increases suggest strong market demand.

The Progressive Corporation (NYSE:PGR) has declared a $0.10 per common share dividend, payable on April 14, 2022, to shareholders recorded by April 7, 2022, with an ex-dividend date of April 6, 2022. This marks a continuation of Progressive's commitment to returning value to shareholders. As the third-largest car insurer in the U.S., Progressive offers a range of insurance products, including auto and homeowners insurance. The company remains dedicated to innovative solutions that simplify buying and using insurance.

AM Best has assigned a Long-Term Issue Credit Rating of “a” (Excellent) to Progressive's newly issued $500 million in senior unsecured notes, with different maturities in 2027, 2032, and 2052. The credit rating indicates a stable outlook based on Progressive’s financial leverage and debt servicing abilities. Proceeds from these issuances will be used for general corporate purposes. Existing ratings for Progressive remain unchanged, reflecting confidence in its principal insurance units and overall financial profile.

The Progressive Corporation (NYSE: PGR) announced the pricing of three senior notes totaling $1.5 billion. These include $500 million of 2.50% notes due 2027, $500 million of 3.00% notes due 2032, and $500 million of 3.70% notes due 2052, all offered in an underwritten public offering. The pricing for the notes was set at 99.962%, 99.759%, and 99.747% of par value, respectively. The offering follows an effective registration statement filed with SEC, and the securities have not been approved by any regulatory authority.

The Progressive Corporation (NYSE: PGR) will host an Investor Relations event on March 1, 2022, at 9:30 a.m. ET, featuring a 90-minute conference call and webcast. The event will cover managing rate levels, followed by a Q&A session with CEO Tricia Griffith and CFO John Sauerland. The Annual Report on Form 10-K will be filed on February 28, 2022, and the Shareholders' Report will be available on their website. Replays of the conference call will be accessible shortly after it concludes.

The Progressive Corporation (NYSE:PGR) revealed its January 2022 results, showcasing a 12% increase in net premiums written to $4,585.2 million compared to $4,104.2 million in January 2021. Net premiums earned rose by 13% to $4,474.8 million from $3,947.8 million year-over-year. However, the net income plummeted by 95%, falling to $25.8 million from $557.5 million, while earnings per share dropped 96% to $0.04 from $0.95. The combined ratio worsened to 92.9 from 86.3, indicating increased operational costs. Total policies in force increased by 6% to 26,452.6 thousand.

The Progressive Corporation (NYSE:PGR) reported its December 2021 and fourth quarter results, showing a net income of $393.3 million, down 44% from $706 million a year earlier. For the fourth quarter, net premiums written increased by 12% to $3.1 billion, while net premiums earned rose 14% to $3.6 billion. The combined ratio was 94.6%, worsening from 85.2% year-over-year. Total pretax net realized gains on securities dropped 35% compared to 2020. Despite a decrease in net income and profit margins, Progressive's net premium growth indicates steady demand.

Immortals has partnered with Progressive Insurance in a multi-year agreement to sponsor its League of Legends team, now called Immortals Progressive. This marks the first LCS naming rights deal for Immortals. The collaboration includes themed jerseys, community tournaments, and a branded streaming program with LCS players. Immortals aims to enhance fan engagement with interactive initiatives and giveaways. The partnership is set to launch with the LCS Lock In tournament starting January 13, 2022, where viewers can watch Immortals Progressive compete.

Progressive Corporation (NYSE:PGR) announced key financial results for November 2021, reporting a net income of $195.2 million, down 74% from $739.8 million in 2020. The net premiums written increased by 11% to $3,289.4 million, while net premiums earned rose 14% to $3,590.4 million. The combined ratio improved to 91.9 from 86.6, indicating better operational efficiency. Companywide total revenue surged by 7% to $26,540.9 million. Despite overall revenue growth, the significant drop in net income is a concern for investors.