Progressive Reports July 2020 Results
The Progressive Corporation (NYSE: PGR) reported strong financial results for July 2020. Net premiums written increased by 12% to $4,109.3 million compared to $3,675.6 million in July 2019. Net income attributable to Progressive surged by 111% to $812.0 million, with earnings per share rising to $1.38 from $0.65. The company achieved a combined ratio of 83.5, a 6.8-point improvement year-over-year. Total policies in force across personal and commercial lines rose to 24,078.6 thousand, reflecting a 10% increase from the previous year.
- Net premiums written increased by 12% to $4,109.3 million.
- Net income attributable to Progressive rose by 111% to $812.0 million.
- Earnings per share improved to $1.38 from $0.65.
- Achieved a combined ratio of 83.5, a 6.8-point improvement.
- Total policies in force increased by 10% to 24,078.6 thousand.
- None.
MAYFIELD VILLAGE, OHIO, Aug. 19, 2020 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for July 2020:
| July | ||||||||||
| (millions, except per share amounts and ratios; unaudited) | 2020 | 2019 | Change | |||||||
| Net premiums written | $ | 4,109.3 | $ | 3,675.6 | 12 | % | ||||
| Net premiums earned | $ | 3,781.4 | $ | 3,426.9 | 10 | % | ||||
| Net income attributable to Progressive | $ | 812.0 | $ | 384.9 | 111 | % | ||||
| Per share available to common shareholders | $ | 1.38 | $ | 0.65 | 111 | % | ||||
| Total pretax net realized gains (losses) on securities | $ | 333.4 | $ | 49.0 | NM | |||||
| Combined ratio | 83.5 | 90.3 | (6.8) pts. | |||||||
| Average diluted equivalent common shares | 587.8 | 587.4 | 0 | % | ||||||
| NM=Not meaningful | ||||||||||
| July | ||||||
| (thousands; unaudited) | 2020 | 2019 | Change | |||
| Policies in Force | ||||||
| Personal Lines | ||||||
| Agency – auto | 7,435.4 | 6,832.8 | 9 | % | ||
| Direct – auto | 8,634.4 | 7,599.2 | 14 | % | ||
| Total personal auto | 16,069.8 | 14,432.0 | 11 | % | ||
| Total special lines | 4,854.8 | 4,545.2 | 7 | % | ||
| Total Personal Lines | 20,924.6 | 18,977.2 | 10 | % | ||
| Total Commercial Lines | 785.7 | 740.5 | 6 | % | ||
| Property business | 2,368.3 | 2,095.5 | 13 | % | ||
| Companywide Total | 24,078.6 | 21,813.2 | 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 July 2020 Complete Earnings Release: http://ml.globenewswire.com/Resource/Download/85e2660b-b330-4a11-9f4d-441a56894509
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