Progressive Reports April 2020 Results

Rhea-AI Summary

The Progressive Corporation (NYSE: PGR) reported significant growth in April 2020, with net premiums written reaching $3,764.2 million, a 3% increase from $3,669.8 million in 2019. Net premiums earned also climbed by 9% to $3,634.3 million compared to $3,348.3 million in the previous year. Net income soared by 95% to $952.6 million, resulting in $1.62 earnings per share. The combined ratio improved to 83.4 from 87.4, reflecting enhanced operational efficiency.

Positive

• Net premiums written increased by 3% to $3,764.2 million.
• Net premiums earned rose by 9% to $3,634.3 million.
• Net income attributable to Progressive grew by 95% to $952.6 million.
• Earnings per share increased by 96% to $1.62.
• Combined ratio improved to 83.4 from 87.4, indicating better efficiency.

Negative

• None.

MAYFIELD VILLAGE, OHIO, May 20, 2020 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for April 2020:  

			April
(millions, except per share amounts and ratios; unaudited)	2020		2019		Change
Net premiums written	$	3,764.2		$	3,669.8		3%
Net premiums earned	$	3,634.3		$	3,348.3		9%
Net income attributable to Progressive	$	952.6		$	487.8		95%
Per share available to common shareholders	$	1.62		$	0.83		96%
Total pretax net realized gains (losses) on securities	$	537.3		$	131.6		308%
Combined ratio	83.4		87.4		(4.0) pts.
Average diluted equivalent common shares	587.2		586.7		0%

					April
(thousands; unaudited)		2020			2019		Change
Policies in Force
Personal Lines
Agency – auto		7,237.1			6,687.2		8%
Direct – auto		8,269.2			7,427.8		11%
Total personal auto		15,506.3			14,115.0		10%
Total special lines		4,618.1			4,444.2		4%
Total Personal Lines		20,124.4			18,559.2		8%
Total Commercial Lines		764.6			721.7		6%
Property business		2,282.7			2,024.8		13%
Companywide Total		23,171.7			21,305.7		9%

See Progressive's complete monthly earnings release, including the "Monthly Commentary," for additional information.

About Progressive

The Progressive Group of Insurance Companies makes it easy to understand, buy and use auto insurance. 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 auto 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: 
Julia Hornack 
(440) 395-2164 
investor_relations@progressive.com
 
The Progressive Corporation 
6300 Wilson Mills Road 
Mayfield Village, Ohio  44143
http://www.progressive.com

Progressive April 2020 Complete Earnings Release: http://ml.globenewswire.com/Resource/Download/ab43a116-2a2f-4a26-b1b1-d4f248f2d442

FAQ

What were Progressive's net premiums written for April 2020?

Progressive's net premiums written for April 2020 were $3,764.2 million.

How much did Progressive's net income increase in April 2020?

Progressive's net income increased by 95% to $952.6 million in April 2020.

What is the combined ratio for Progressive in April 2020?

The combined ratio for Progressive in April 2020 improved to 83.4.

How much did Progressive's earnings per share grow in April 2020?

Earnings per share for Progressive grew by 96% to $1.62 in April 2020.

What were the net premiums earned by Progressive in April 2020?

Progressive's net premiums earned in April 2020 reached $3,634.3 million.