Progressive Reports August 2020 Results
The Progressive Corporation (NYSE: PGR) reported strong results for August 2020, with net premiums written at $3,437.7 million, up 18% from $2,921.3 million in August 2019. Net premiums earned rose 11% to $3,088.9 million, compared to $2,784.4 million a year prior. Net income attributable to Progressive reached $487.4 million, a 177% increase from $175.9 million, reflecting earnings per share of $0.83, up 179%. The combined ratio improved to 92.6, down from 93.4. The company experienced growth across personal and commercial lines, indicating solid operational performance.
- Net premiums written increased 18% to $3,437.7 million.
- Net income attributable to Progressive rose 177% to $487.4 million.
- Earnings per share climbed 179% to $0.83.
- Combined ratio improved to 92.6 from 93.4, indicating better underwriting efficiency.
- None.
MAYFIELD VILLAGE, OHIO, Sept. 17, 2020 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for August 2020:
| August | ||||||||||
| 2020 | 2019 | Change | ||||||||
| (millions, except per share amounts and ratios; unaudited) | ||||||||||
| Net premiums written | $ | 3,437.7 | $ | 2,921.3 | 18 | % | ||||
| Net premiums earned | $ | 3,088.9 | $ | 2,784.4 | 11 | % | ||||
| Net income attributable to Progressive | $ | 487.4 | $ | 175.9 | 177 | % | ||||
| Per share available to common shareholders | $ | 0.83 | $ | 0.30 | 179 | % | ||||
| Total pretax net realized gains (losses) on securities | $ | 330.9 | $ | (33.7 | ) | NM | ||||
| Combined ratio | 92.6 | 93.4 | (0.8) | pts | ||||||
| Average diluted equivalent common shares | 587.7 | 587.0 | 0 | % | ||||||
| NM=Not meaningful | ||||||||||
| August | ||||||
| (thousands; unaudited) | 2020 | 2019 | Change | |||
| Policies in Force | ||||||
| Personal Lines | ||||||
| Agency – auto | 7,487.0 | 6,862.4 | 9 | % | ||
| Direct – auto | 8,714.3 | 7,641.9 | 14 | % | ||
| Total personal auto | 16,201.3 | 14,504.3 | 12 | % | ||
| Total special lines | 4,891.1 | 4,562.6 | 7 | % | ||
| Total Personal Lines | 21,092.4 | 19,066.9 | 11 | % | ||
| Total Commercial Lines | 795.4 | 744.6 | 7 | % | ||
| Property business | 2,395.4 | 2,124.4 | 13 | % | ||
| Companywide Total | 24,283.2 | 21,935.9 | 11 | % | ||
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:
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 August 2020 Complete Earnings Release: http://ml.globenewswire.com/Resource/Download/7e7790cb-6b95-4566-ab7d-a55053db50a0
FAQ
What were Progressive Corporation's net premiums written in August 2020?
How did Progressive's net income change in August 2020 compared to August 2019?
What was the earnings per share for Progressive Corporation in August 2020?
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