Progressive Reports June 2020 Results

Rhea-AI Summary

The Progressive Corporation (NYSE:PGR) reported solid financial results for June 2020, showing a 15% increase in net premiums written at $3,201.6 million compared to June 2019. For the second quarter, net income attributable to Progressive rose 83% to $1,790.4 million, translating to $3.04 per share, a 14% increase year-over-year. The combined ratio improved by 2.7 points to 87.7. Although total pretax net realized gains on securities fell 43% in June, overall premium growth and profitability reflect strong operational performance.

Positive

• Net premiums written increased by 15% to $3,201.6 million in June 2020.
• Net income for Q2 2020 rose 83% to $1,790.4 million.
• Earnings per share increased by 14% to $3.04 in Q2 2020.
• Combined ratio improved by 2.7 points to 87.7.

Negative

• Total pretax net realized gains on securities decreased by 43% in June.

MAYFIELD VILLAGE, OHIO, July 15, 2020 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for June 2020 and the second quarter of 2020:

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			June					Quarter
(millions, except per share amounts and ratios; unaudited)	2020		2019		Change	2020		2019		Change
43%; width:43%; min-width:43%;">Net premiums written	1%; width:1%; min-width:1%;">$	7%; width:7%; min-width:7%;">3,201.6	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">$	7%; width:7%; min-width:7%;">2,794.0	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">	7%; width:7%; min-width:7%;">15	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">%	1%; width:1%; min-width:1%;">$	7%; width:7%; min-width:7%;">10,140.0	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">$	7%; width:7%; min-width:7%;">9,126.5	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">	7%; width:7%; min-width:7%;">11	1%; width:1%; min-width:1%;">%
Net premiums earned	$	3,023.1			$	2,745.0			10		%	$	9,648.6			$	8,824.7			9	%
Net income attributable to Progressive	$	470.9			$	413.1			14		%	$	1,790.4			$	979.4			83	%
Per share available to common shareholders	$	0.80			$	0.70			14		%	$	3.04			$	1.66			83	%
Total pretax net realized gains (losses) on securities	$	142.9			$	252.6			(43	)	%	$	890.8			$	179.9			395	%
Combined ratio		86.9				92.7			(5.8	)	pts.	87.7				90.4			(2.7)	pts.
Average diluted equivalent common shares		587.3				587.0			0		%		587.2				586.9			0	%

			June
(thousands; unaudited)	2020		2019		Change
Policies in Force
Personal Lines
Agency – auto	7,362.5		6,783.7		9%
Direct – auto	8,507.6		7,528.4		13%
Total personal auto	15,870.1		14,312.1		11%
Total special lines	4,790.5		4,510.2		6%
Total Personal Lines	20,660.6		18,822.3		10%
Total Commercial Lines	775.8		734.2		6%
Property business	2,336.1		2,071.6		13%
Companywide Total	23,772.5		21,628.1		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.

The Progressive Corporation 
6300 Wilson Mills Road 
Mayfield Village, Ohio  44143
http://www.progressive.com

Company Contact: 
Douglas S. Constantine
(440) 910-3563
investor_relations@progressive.com

Progressive June 2020 Complete Earnings Release: http://ml.globenewswire.com/Resource/Download/e75c6289-eae5-4d95-8634-d2ec8574a70b

FAQ

What were Progressive's net premiums written for June 2020?

Progressive's net premiums written for June 2020 were $3,201.6 million.

How much did Progressive's net income increase for Q2 2020?

Progressive's net income for Q2 2020 increased by 83% to $1,790.4 million.

What is the combined ratio reported by Progressive for Q2 2020?

The combined ratio reported by Progressive for Q2 2020 is 87.7.

What was the earnings per share for Progressive in Q2 2020?

The earnings per share for Progressive in Q2 2020 were $3.04.

How did Progressive perform in terms of net realized gains on securities in June 2020?

Progressive experienced a 43% decrease in total pretax net realized gains on securities in June 2020.