Progressive Reports December 2021 Results

Rhea-AI Summary

The Progressive Corporation (NYSE:PGR) reported its December 2021 and fourth quarter results, showing a net income of $393.3 million, down 44% from $706 million a year earlier. For the fourth quarter, net premiums written increased by 12% to $3.1 billion, while net premiums earned rose 14% to $3.6 billion. The combined ratio was 94.6%, worsening from 85.2% year-over-year. Total pretax net realized gains on securities dropped 35% compared to 2020. Despite a decrease in net income and profit margins, Progressive's net premium growth indicates steady demand.

Positive

• Net premiums written increased by 12% to $3.1 billion in December 2021.
• Net premiums earned rose by 14% to $3.6 billion in the fourth quarter.

Negative

• Net income fell 44% to $393.3 million compared to $706 million in 2020.
• Combined ratio worsened to 94.6% from 85.2% year-over-year.
• Total pretax net realized gains on securities decreased by 35%.

MAYFIELD VILLAGE, OHIO, Jan. 26, 2022 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for December 2021 and the fourth quarter of 2021:

	December											Quarter
(millions, except per share amounts and ratios; unaudited)	2021			2020			Change		2021			2020			Change
Net premiums written	$	3,113.3		$	2,789.1		12	%	$	10,749.3		$	9,542.3		13	%
Net premiums earned	$	3,613.2		$	3,164.2		14	%	$	11,601.4		$	10,208.8		14	%
Net income	$	393.3		$	706.0		(44)	%	$	962.3		$	1,684.3		(43)	%
Per share available to common shareholders	$	0.67		$	1.20		(44)	%	$	1.63		$	2.85		(43)	%
Total pretax net realized gains (losses) on securities	$	222.3		$	340.9		(35)	%	$	425.3		$	760.2		(44)	%
Combined ratio		94.6			85.2		9.4 pts.			94.7			88.4		6.3 pts.
Average diluted equivalent common shares		586.4			587.5		0	%		586.3			587.6		0	%

	December
(thousands; unaudited)	2021		2020		Change
Policies in Force
Personal Lines
Agency – auto	7,879.0		7,617.0		3%
Direct – auto	9,568.2		8,881.4		8%
Total personal auto	17,447.2		16,498.4		6%
Total special lines	5,288.5		4,915.1		8%
Total Personal Lines	22,735.7		21,413.5		6%
Total Commercial Lines	971.2		822.0		18%
Total Property business	2,776.2		2,484.4		12%
Companywide Total	26,483.1		24,719.9		7%

See Progressive’s complete monthly earnings release for additional information.

About Progressive

Progressive Insurance^SM 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) 910-3563
investor_relations@progressive.com

The Progressive Corporation
6300 Wilson Mills Road
Mayfield Village, Ohio 44143
http://www.progressive.com

Progressive December 2021 Complete Earnings Release http://ml.globenewswire.com/Resource/Download/2648853f-1811-42f4-950c-90c123e0c378

FAQ

What were Progressive's net income results for December 2021?

Progressive reported a net income of $393.3 million for December 2021, down 44% from $706 million a year earlier.

How much did Progressive's net premiums written increase in December 2021?

Net premiums written increased by 12% to $3.1 billion in December 2021.

What was the combined ratio for Progressive in the fourth quarter of 2021?

The combined ratio for the fourth quarter of 2021 was 94.6%, an increase from 85.2% year-over-year.

How did Progressive's total pretax net realized gains change in December 2021?

Total pretax net realized gains decreased by 35% compared to the previous year.

What was the change in net premiums earned for Progressive in the fourth quarter?

Net premiums earned rose by 14% to $3.6 billion in the fourth quarter of 2021.