Progressive Announces Dividend Information and 2022 Annual Meeting Record Date

Rhea-AI Summary

The Progressive Corporation (NYSE:PGR) has declared an annual common share dividend of $1.50 per share, payable on December 29, 2021, to shareholders on record by December 20, 2021. Additionally, a quarterly dividend of $0.10 per share is set for January 14, 2022, for those recorded by January 7, 2022. The Board anticipates maintaining this quarterly dividend in 2022. Moreover, a dividend of $26.875 per Series B Preferred Share will be issued on March 15, 2022, amounting to a total of $13.4 million. The record date for the Annual Meeting is March 18, 2022.

Positive

• Declared annual common share dividend of $1.50, reflecting strong capital position.
• Quarterly dividend targeted to remain at $0.10 per share for 2022.

Negative

• None.

MAYFIELD VILLAGE, OHIO, Dec. 10, 2021 (GLOBE NEWSWIRE) -- The Board of Directors of The Progressive Corporation (NYSE:PGR) today declared an annual common share dividend, in the amount of $1.50 per share, and a quarterly common share dividend, in the amount of $0.10 per share.

The annual common share dividend of $1.50 per share is payable December 29, 2021, to shareholders of record at the close of business on December 20, 2021 (ex-dividend date of December 17, 2021). The 2021 annual dividend amount was determined by the Board based on our capital position, existing capital resources, and expected current and future capital needs.

The quarterly common share dividend of $0.10 per share is payable January 14, 2022, to shareholders of record at the close of business on January 7, 2022 (ex-dividend date of January 6, 2022). The Board is expected to continue to target the quarterly dividend to be approximately $0.10 per common share for 2022.

In addition, the Board declared a dividend on our outstanding Series B Fixed-to-Floating Rate Cumulative Perpetual Serial Preferred Shares in the amount of $26.875 per Series B Share, or $13.4 million in the aggregate. The dividend, which is based on the annual rate of 5.375% of the stated amount of $1,000 per Series B Share, will be paid on March 15, 2022, to shareholders of record at the close of business on March 1, 2022.

The Board also set the close of business on March 18, 2022, as the record date for the determination of shareholders entitled to notice of, and to vote at, Progressive’s Annual Meeting of Shareholders, which will be held on May 13, 2022.

About Progressive
Progressive Insurance^SM makes it easy to understand, buy and use car insurance, home insurance, and other protection needs. 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; it is the third largest car insurer in the country, a leading seller of motorcycle and commercial auto insurance, and 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:
Douglas S. Constantine
(440) 910-3563

The Progressive Corporation
6300 Wilson Mills Road
Mayfield Village, Ohio 44143
http://www.progressive.com

FAQ

What is the dividend amount for Progressive Corporation in 2021?

The annual common share dividend is $1.50 per share.

When is the dividend payment date for Progressive Corporation's common shares?

The annual dividend is payable on December 29, 2021.

What is the quarterly dividend amount for Progressive Corporation in 2022?

The quarterly common share dividend is set at $0.10 per share.

When will the dividend on Series B Preferred Shares be paid?

The dividend on Series B Preferred Shares will be paid on March 15, 2022.

What is the total aggregate amount for the Series B Preferred Shares dividend?

The total aggregate amount is $13.4 million.