Progressive Reports January 2022 Results

Rhea-AI Summary

The Progressive Corporation (NYSE:PGR) revealed its January 2022 results, showcasing a 12% increase in net premiums written to $4,585.2 million compared to $4,104.2 million in January 2021. Net premiums earned rose by 13% to $4,474.8 million from $3,947.8 million year-over-year. However, the net income plummeted by 95%, falling to $25.8 million from $557.5 million, while earnings per share dropped 96% to $0.04 from $0.95. The combined ratio worsened to 92.9 from 86.3, indicating increased operational costs. Total policies in force increased by 6% to 26,452.6 thousand.

Positive

• Net premiums written rose 12% to $4,585.2 million.
• Net premiums earned increased 13% to $4,474.8 million.
• Total policies in force grew by 6% to 26,452.6 thousand.

Negative

• Net income decreased 95% to $25.8 million.
• Earnings per share declined 96% to $0.04.
• Combined ratio worsened to 92.9 from 86.3.

MAYFIELD VILLAGE, OHIO, Feb. 16, 2022 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for January 2022:

	January
(millions, except per share amounts and ratios; unaudited)	2022			2021			Change
Net premiums written	$	4,585.2		$	4,104.2		12%
Net premiums earned	$	4,474.8		$	3,947.8		13%
Net income	$	25.8		$	557.5		(95)%
Per share available to common shareholders	$	0.04		$	0.95		(96)%
Total pretax net realized gains (losses) on securities	$	(347.9	)	$	108.2		(422)%
Combined ratio		92.9			86.3		6.6 pts.
Average diluted equivalent common shares		586.2			587.2		0%

	January
(thousands; unaudited)	2022		2021		Change
Policies in Force
Personal Lines
Agency – auto	7,833.5		7,696.7		2%
Direct – auto	9,556.2		9,022.7		6%
Total personal auto	17,389.7		16,719.4		4%
Total special lines	5,299.6		4,936.2		7%
Total Personal Lines	22,689.3		21,655.6		5%
Total Commercial Lines	979.9		833.4		18%
Total Property business	2,783.4		2,505.2		11%
Companywide Total	26,452.6		24,994.2		6%

See Progressive’s complete monthly earnings release, including the "Monthly Commentary," 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 January 2022 Complete Earnings Release: Download PDF

FAQ

What were Progressive's January 2022 net premiums written?

Progressive's net premiums written for January 2022 were $4,585.2 million.

How much did Progressive's net income change in January 2022?

Progressive's net income in January 2022 dropped 95% to $25.8 million.

What is the combined ratio reported by Progressive for January 2022?

The combined ratio reported by Progressive for January 2022 was 92.9.

How many policies in force did Progressive have in January 2022?

Progressive had a total of 26,452.6 thousand policies in force in January 2022.