Progressive Reports February 2021 Results

Rhea-AI Summary

The Progressive Corporation (NYSE:PGR) reported a strong performance for February 2021, with net premiums written of $3,852.4 million, representing a 13% increase from $3,404.2 million in February 2020. Net premiums earned rose by 10% to $3,202.5 million.

Net income attributable to Progressive surged 428% to $354.6 million compared to $67.1 million in the prior year, resulting in earnings per share of $0.60 versus $0.11.

Positive

• Net premiums written increased by 13% to $3,852.4 million.
• Net premiums earned rose by 10% to $3,202.5 million.
• Net income attributable to Progressive surged 428% to $354.6 million.
• Earnings per share increased to $0.60 from $0.11.

Negative

• Total pretax net realized losses on securities were $(128.4) million, compared to $257.0 million in the prior year.

MAYFIELD VILLAGE, OHIO, March 17, 2021 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for February 2021:

	February
(millions, except per share amounts and ratios; unaudited)	2021			2020			Change
Net premiums written	$3,852.4			$3,404.2			13	%
Net premiums earned	$3,202.5			$2,915.1			10	%
Net income attributable to Progressive	$354.6			$67.1			428	%
Per share available to common shareholders	$0.60			$0.11			444	%
Total pretax net realized gains (losses) on securities	$128.4			$(257.0)			(150)	%
Combined ratio	91.4			90.3			1.1 pts.
Average diluted equivalent common shares	586.8			586.9			0	%

	February
(thousands; unaudited)	2021		2020		Change
Policies in Force
Personal Lines
Agency – auto	7,752.6		7,148.1		8%
Direct – auto	9,132.3		8,095.1		13%
Total personal auto	16,884.9		15,243.2		11%
Total special lines	4,957.4		4,570.7		8%
Total Personal Lines	21,842.3		19,813.9		10%
Total Commercial Lines	842.0		764.0		10%
Property business	2,529.7		2,243.7		13%
Companywide Total	25,214.0		22,821.6		10%

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 February 2021 Complete Earnings Release: http://ml.globenewswire.com/Resource/Download/d4837965-f74b-4c91-970a-a26b87f8eaa6  

FAQ

What were Progressive's net premiums written for February 2021?

Progressive reported net premiums written of $3,852.4 million for February 2021.

How did Progressive's net income change in February 2021?

Net income attributable to Progressive increased by 428% to $354.6 million in February 2021.

What were Progressive's earnings per share in February 2021?

Earnings per share for Progressive in February 2021 were $0.60.

What was the increase in net premiums earned for February 2021?

Net premiums earned increased by 10% to $3,202.5 million in February 2021.

How much were Progressive's total pretax net realized gains or losses?

Progressive reported total pretax net realized losses of $128.4 million in February 2021.