Progressive Reports January 2021 Results

Rhea-AI Summary

The Progressive Corporation (NYSE:PGR) announced its financial results for January 2021, demonstrating strong performance across key metrics. Net premiums written reached $4,104.2 million, a 14% increase from $3,606.3 million in January 2020. Net premiums earned also rose to $3,947.8 million, up 10% from $3,579.1 million. The company reported a net income attributable to Progressive of $557.5 million, a significant 82% increase compared to $307.0 million last year. Additionally, the combined ratio improved to 86.3, down 5.8 points from 92.1.

Positive

• Net premiums written at $4,104.2 million, up 14% year-over-year.
• Net premiums earned increased to $3,947.8 million, a 10% rise.
• Net income attributable to Progressive rose to $557.5 million, up 82%.
• Combined ratio improved to 86.3, a reduction of 5.8 points from the previous year.

Negative

• None.

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

	January
(millions, except per share amounts and ratios; unaudited)	2021				2020				Change
Net premiums written	$	4,104.2			$	3,606.3			14	%
Net premiums earned	$	3,947.8			$	3,579.1			10	%
Net income attributable to Progressive	$	557.5			$	307.0			82	%
Per share available to common shareholders	$	0.95			$	0.52			82	%
Total pretax net realized gains (losses) on securities	$	108.2			$	32.5			233	%
Combined ratio	86.3				92.1				(5.8) pts.
Average diluted equivalent common shares	587.2				586.8				0	%

 

	January
(thousands; unaudited)	2021		2020		Change
Policies in Force
Personal Lines
Agency – auto	7,696.7		7,060.5		9%
Direct – auto	9,022.7		7,957.3		13%
Total personal auto	16,719.4		15,017.8		11%
Total special lines	4,936.2		4,553.9		8%
Total Personal Lines	21,655.6		19,571.7		11%
Total Commercial Lines	833.4		756.8		10%
Property business	2,505.2		2,221.2		13%
Companywide Total	24,994.2		22,549.7		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 January 2021 Complete Earnings Release: http://ml.globenewswire.com/Resource/Download/e281f7ba-cfcc-4c5f-a1f1-dff09628e978

FAQ

What were Progressive Corporation's net premiums written for January 2021?

Progressive Corporation's net premiums written for January 2021 were $4,104.2 million.

How much did Progressive Corporation earn in net premiums for January 2021?

In January 2021, Progressive Corporation earned net premiums of $3,947.8 million.

What was Progressive Corporation's net income in January 2021?

Progressive Corporation reported a net income of $557.5 million for January 2021.

What was the combined ratio for Progressive Corporation in January 2021?

The combined ratio for Progressive Corporation in January 2021 was 86.3.