Progressive Reports August 2021 Results
The Progressive Corporation (NYSE:PGR) reported mixed results for August 2021. Net premiums written increased by 13% year-over-year, totaling $3,890.9 million, while net premiums earned rose by 14% to $3,513.8 million. However, the company reported a net loss of $6.6 million, a significant decline from a profit of $487.4 million a year earlier, resulting in a loss per share of $0.02. The combined ratio worsened to 105.3 from 92.6, indicating increased underwriting losses. Conversely, total pretax net realized gains on securities dropped by 60%, totaling $131.5 million, down from $330.9 million.
- Net premiums written increased by 13% year-over-year to $3,890.9 million.
- Net premiums earned rose by 14% to $3,513.8 million.
- Net loss of $6.6 million compared to a profit of $487.4 million last year.
- Loss per share reported at $0.02, a decline of 102%.
- Combined ratio increased to 105.3 from 92.6, indicating higher underwriting losses.
- Total pretax net realized gains on securities decreased by 60% to $131.5 million.
MAYFIELD VILLAGE, OHIO, Sept. 17, 2021 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for August 2021:
| August | |||||||||||
| (millions, except per share amounts and ratios; unaudited) | 2021 | 2020 | Change | ||||||||
| Net premiums written | $ | 3,890.9 | $ | 3,437.7 | 13 | % | |||||
| Net premiums earned | $ | 3,513.8 | $ | 3,088.9 | 14 | % | |||||
| Net income (loss) | $ | (6.6 | ) | $ | 487.4 | (101 | ) | % | |||
| Per share available to common shareholders | $ | (0.02 | ) | $ | 0.83 | (102 | ) | % | |||
| Total pretax net realized gains (losses) on securities | $ | 131.5 | $ | 330.9 | (60 | ) | % | ||||
| Combined ratio | 105.3 | 92.6 | 12.7 pts. | ||||||||
| Average equivalent common shares | 584.8 | 587.7 | 0 | % | |||||||
| August | |||||
| (thousands; unaudited) | 2021 | 2020 | Change | ||
| Policies in Force | |||||
| Personal Lines | |||||
| Agency – auto | 8,013.3 | 7,487.0 | 7 % | ||
| Direct – auto | 9,638.0 | 8,714.3 | 11 % | ||
| Total personal auto | 17,651.3 | 16,201.3 | 9 % | ||
| Total special lines | 5,272.5 | 4,891.1 | 8 % | ||
| Total Personal Lines | 22,923.8 | 21,092.4 | 9 % | ||
| Total Commercial Lines | 942.1 | 795.4 | 18 % | ||
| Total Property business | 2,715.6 | 2,395.4 | 13 % | ||
| Companywide Total | 26,581.5 | 24,283.2 | 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:
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 2021 Complete Earnings Release: http://ml.globenewswire.com/Resource/Download/7e2ae102-04d4-4069-8610-b2b7b24f2780
FAQ
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