Progressive Reports April 2021 Results
The Progressive Corporation (NYSE:PGR) reported significant financial results for April 2021. Net premiums written reached $4,450.6 million, an 18% increase compared to $3,764.2 million in April 2020. Net premiums earned also rose by 14% to $4,133.6 million from $3,634.3 million. However, net income declined by 67% to $316.2 million, down from $952.6 million in the prior year. The company’s combined ratio increased to 96.0% from 83.4%, indicating higher costs relative to income.
- Net premiums written increased by 18% year-over-year to $4,450.6 million.
- Net premiums earned rose 14% to $4,133.6 million.
- Net income fell 67% to $316.2 million from $952.6 million.
- Combined ratio increased to 96.0% from 83.4%, indicating higher operational costs.
MAYFIELD VILLAGE, OHIO, May 19, 2021 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for April 2021:
| April | |||||||||
| (millions, except per share amounts and ratios; unaudited) | 2021 | 2020 | Change | ||||||
| Net premiums written | $ | 4,450.6 | $ | 3,764.2 | 18 | % | |||
| Net premiums earned | $ | 4,133.6 | $ | 3,634.3 | 14 | % | |||
| Net income | $ | 316.2 | $ | 952.6 | (67 | ) | % | ||
| Per share available to common shareholders | $ | 0.54 | $ | 1.62 | (67 | ) | % | ||
| Total pretax net realized gains (losses) on securities | $ | 191.3 | $ | 537.3 | (64 | ) | % | ||
| Combined ratio | 96.0 | 83.4 | 12.6 | pts. | |||||
| Average diluted equivalent common shares | 586.8 | 587.2 | 0 | % | |||||
| April | ||||||
| (thousands; unaudited) | 2021 | 2020 | Change | |||
| Policies in Force | ||||||
| Personal Lines | ||||||
| Agency – auto | 7,951.8 | 7,237.1 | 10 | % | ||
| Direct – auto | 9,478.6 | 8,269.2 | 15 | % | ||
| Total personal auto | 17,430.4 | 15,506.3 | 12 | % | ||
| Total special lines | 5,106.7 | 4,618.1 | 11 | % | ||
| Total Personal Lines | 22,537.1 | 20,124.4 | 12 | % | ||
| Total Commercial Lines | 881.2 | 764.6 | 15 | % | ||
| Property business | 2,601.2 | 2,282.7 | 14 | % | ||
| Companywide Total | 26,019.5 | 23,171.7 | 12 | % | ||
See Progressive’s complete monthly earnings release 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:
Douglas S. Constantine
(440) 910-3563
investor_relations@progressive.com
The Progressive Corporation
6300 Wilson Mills Road
Mayfield Village, Ohio 44143
http://www.progressive.com
Progressive April 2021 Complete Earnings Release: http://ml.globenewswire.com/Resource/Download/f73f611e-0248-4366-a89d-93c45b21b74a
FAQ
What were Progressive's net premiums written for April 2021?
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