Progressive Reports February 2022 Results
The Progressive Corporation (NYSE:PGR) reported its February 2022 figures highlighting significant growth in net premiums written, totaling $4,625.7 million, a 20% increase year-over-year. Net premiums earned rose by 13%, reaching $3,626.1 million. However, net income saw a drastic decline of 83%, dropping to $61.6 million, with earnings per share also down by 83% to $0.10. Additionally, the company's combined ratio worsened by 2.3 points to 93.7%. Despite negative earnings growth, the overall premium increases suggest strong market demand.
- Net premiums written reached $4,625.7 million, up 20% year-over-year.
- Net premiums earned increased by 13% to $3,626.1 million.
- Net income decreased by 83% to $61.6 million.
- Earnings per share dropped by 83% to $0.10.
- Combined ratio increased by 2.3 points to 93.7.
MAYFIELD VILLAGE, OHIO, March 16, 2022 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for February 2022:
| February | ||||||||
| (millions, except per share amounts and ratios; unaudited) | 2022 | 2021 | Change | |||||
| Net premiums written1 | $ | 4,625.7 | $ | 3,852.4 | ||||
| Net premiums earned | $ | 3,626.1 | $ | 3,202.5 | ||||
| Net income | $ | 61.6 | $ | 354.6 | (83)% | |||
| Per share available to common shareholders | $ | 0.10 | $ | 0.60 | (83)% | |||
| Total pretax net realized gains (losses) on securities | $ | (209.4 | ) | $ | 128.4 | (263)% | ||
| Combined ratio | 93.7 | 91.4 | 2.3 pts. | |||||
| Average diluted equivalent common shares | 586.3 | 586.8 | ||||||
| 1Year-over-year growth is primarily attributable to significant growth in our Commercial Lines business. | ||||||||
| February | |||||
| (thousands; unaudited) | 2022 | 2021 | Change | ||
| Policies in Force | |||||
| Personal Lines | |||||
| Agency – auto | 7,805.6 | 7,752.6 | |||
| Direct – auto | 9,558.8 | 9,132.3 | |||
| Total personal auto | 17,364.4 | 16,884.9 | |||
| Total special lines | 5,318.0 | 4,957.4 | |||
| Total Personal Lines | 22,682.4 | 21,842.3 | |||
| Total Commercial Lines | 989.2 | 842.0 | |||
| Total Property business | 2,790.3 | 2,529.7 | |||
| Companywide Total | 26,461.9 | 25,214.0 | |||
See Progressive’s complete monthly earnings release for additional information.
About Progressive
Progressive Insurance® 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 February 2022 Complete Earnings Release: Download PDF
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