Progressive Announces Quarterly Common Share Dividend, Share Repurchase Authorization, and April 2022 Results
The Progressive Corporation (NYSE:PGR) has declared a $0.10 per share dividend to be paid on July 15, 2022, to shareholders on record by July 7, 2022. Additionally, the Board authorized a share repurchase program for up to 25 million common shares without an expiration date, replacing the previous authorization. In April 2022, Progressive reported net premiums written of $4.82 billion, a rise of 8% year-over-year. However, net income showed a loss of $198.3 million compared to a profit of $316.2 million in April 2021.
- Declared a $0.10 dividend per share, enhancing shareholder returns.
- Authorized a new share buyback of up to 25 million shares, potentially increasing future EPS.
- Reported a net loss of $198.3 million, a significant decline from $316.2 million profit in April 2021.
- Total net income available to common shareholders turned negative, affecting investor sentiment.
MAYFIELD VILLAGE, OHIO, May 18, 2022 (GLOBE NEWSWIRE) -- On May 13, 2022, the Board of Directors of The Progressive Corporation (NYSE:PGR) declared a
The Company today reported the following results for April 2022:
| April | |||||||||
| (millions, except per share amounts and ratios; unaudited) | 2022 | 2021 | Change | ||||||
| Net premiums written | $ | 4,820.7 | $ | 4,450.6 | 8 | % | |||
| Net premiums earned | $ | 4,614.1 | $ | 4,133.6 | 12 | % | |||
| Net income (loss) | $ | (198.3 | ) | $ | 316.2 | (163 | )% | ||
| Per share available to common shareholders | $ | (0.34 | ) | $ | 0.54 | (164 | )% | ||
| Total pretax net realized gains (losses) on securities | $ | (524.5 | ) | $ | 191.3 | (374 | )% | ||
| Combined ratio | 95.5 | 96.0 | (0.5) pts. | ||||||
| Average equivalent common shares | 584.3 | 586.8 | 0 | % | |||||
| April | |||||
| (thousands; unaudited) | 2022 | 2021 | Change | ||
| Policies in Force | |||||
| Personal Lines | |||||
| Agency – auto | 7,702.3 | 7,951.8 | (3)% | ||
| Direct – auto | 9,537.7 | 9,478.6 | |||
| Total personal auto | 17,240.0 | 17,430.4 | (1)% | ||
| Total special lines | 5,392.0 | 5,106.7 | |||
| Total Personal Lines | 22,632.0 | 22,537.1 | |||
| Total Commercial Lines | 1,012.3 | 881.2 | |||
| Total Property business | 2,812.8 | 2,601.2 | |||
| Companywide Total | 26,457.1 | 26,019.5 | |||
See Progressive’s complete monthly earnings release for additional information.
About Progressive
Progressive Insurance® 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) 395-3707
investor_relations@progressive.com
The Progressive Corporation
6300 Wilson Mills Road
Mayfield Village, Ohio 44143
http://www.progressive.com
Progressive April 2022 Complete Earnings Release: Download PDF
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