Progressive Reports July 2021 Results
The Progressive Corporation (NYSE:PGR) reported its July 2021 financial results, highlighting a net premium written of $4,551.6 million, an 11% increase from July 2020. Net premiums earned reached $4,313.5 million, reflecting a 14% growth year-over-year. However, net income decreased significantly by 69% to $255.4 million compared to $812 million in the previous year. The combined ratio deteriorated to 96.7% from 83.5%, indicating increased losses. Despite these challenges, policies in force for personal lines showed a healthy 9% growth.
- Net premiums written increased by 11% to $4,551.6 million.
- Net premiums earned rose 14% year-over-year to $4,313.5 million.
- Policies in force for personal lines grew by 9%.
- Net income decreased by 69%, dropping to $255.4 million.
- Combined ratio increased to 96.7% from 83.5%, indicating higher losses.
- Net realized gains on securities fell by 63%.
MAYFIELD VILLAGE, OHIO, Aug. 18, 2021 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for July 2021:
July | |||||||||||
(millions, except per share amounts and ratios; unaudited) | 2021 | 2020 | Change | ||||||||
Net premiums written | $ | 4,551.6 | $ | 4,109.3 | 11 | % | |||||
Net premiums earned | $ | 4,313.5 | $ | 3,781.4 | 14 | % | |||||
Net income | $ | 255.4 | $ | 812.0 | (69 | ) | % | ||||
Per share available to common shareholders | $ | 0.43 | $ | 1.38 | (69 | ) | % | ||||
Total pretax net realized gains (losses) on securities | $ | 122.7 | $ | 333.4 | (63 | ) | % | ||||
Combined ratio | 96.7 | 83.5 | 13.2 pts. | ||||||||
Average diluted equivalent common shares | 587.2 | 587.8 | 0 | % |
July | ||||||
(thousands; unaudited) | 2021 | 2020 | Change | |||
Policies in Force | ||||||
Personal Lines | ||||||
Agency – auto | 8,014.2 | 7,435.4 | 8 | % | ||
Direct – auto | 9,614.9 | 8,634.4 | 11 | % | ||
Total personal auto | 17,629.1 | 16,069.8 | 10 | % | ||
Total special lines | 5,249.9 | 4,854.8 | 8 | % | ||
Total Personal Lines | 22,879.0 | 20,924.6 | 9 | % | ||
Total Commercial Lines | 930.1 | 785.7 | 18 | % | ||
Total Property business | 2,683.1 | 2,368.3 | 13 | % | ||
Companywide Total | 26,492.2 | 24,078.6 | 10 | % | ||
See Progressive’s complete monthly earnings release 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 2021 Complete Earnings Release: http://ml.globenewswire.com/Resource/Download/14e94693-821e-4853-aa75-dea620cdfee7
FAQ
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