Progressive Reports June 2022 Results
The Progressive Corporation (NYSE:PGR) reported its financial results for June 2022 and Q2 2022, showcasing a 7% increase in net premiums written, totaling $3,877.1 million. However, net income saw a significant loss of $436.7 million for June, marking a 429% decline compared to the previous year. The combined ratio improved to 94.7 from 100.5, indicating operational efficiency. The report highlights mixed performance in personal lines, with a 2% decrease in total personal auto policies. Overall, results reflect challenges alongside some operational gains.
- Net premiums written increased by 7% to $3,877.1 million in June 2022.
- Combined ratio improved to 94.7 from 100.5, indicating better operational efficiency.
- Net income reported a loss of $436.7 million for June 2022, a 429% decline year-over-year.
- Total personal auto policies decreased by 2%.
MAYFIELD VILLAGE, OHIO, July 15, 2022 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for June 2022 and the second quarter of 2022:
| June | Quarter | |||||||||||||||
| (millions, except per share amounts and ratios; unaudited) | 2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||
| Net premiums written | $ | 3,877.1 | $ | 3,627.3 | 7 % | $ | 12,422.1 | $ | 11,480.3 | 8 % | ||||||
| Net premiums earned | $ | 3,770.2 | $ | 3,459.9 | 9 % | $ | 12,147.9 | $ | 10,982.3 | 11 % | ||||||
| Net income (loss) | $ | (436.7 | ) | $ | 132.8 | (429) % | $ | (542.9 | ) | $ | 790.1 | (169) % | ||||
| Per share available to common shareholders1 | $ | (0.75 | ) | $ | 0.22 | (438) % | $ | (0.94 | ) | $ | 1.34 | (170) % | ||||
| Total pretax net realized gains (losses) on securities | $ | (564.2 | ) | $ | 124.2 | (554) % | $ | (1,177.7 | ) | $ | 461.8 | (355) % | ||||
| Combined ratio | 94.7 | 100.5 | (5.8) pts. | 95.6 | 96.5 | (0.9) pts. | ||||||||||
| Average equivalent common shares1 | 584.3 | 586.8 | 0 % | 584.3 | 586.8 | 0 % | ||||||||||
1Since we reported a net loss, the amounts reported for June 2022 and the second quarter of 2022 represent basic earnings per share and basic average equivalent shares since diluted earnings per share are antidilutive. For both periods in 2021, amounts are reported on a diluted basis.
| June | |||||
| (thousands; unaudited) | 2022 | 2021 | Change | ||
| Policies in Force | |||||
| Personal Lines | |||||
| Agency – auto | 7,619.5 | 8,014.2 | (5) % | ||
| Direct – auto | 9,557.0 | 9,581.3 | 0 % | ||
| Total personal auto | 17,176.5 | 17,595.5 | (2) % | ||
| Total special lines | 5,485.0 | 5,211.7 | 5 % | ||
| Total Personal Lines | 22,661.5 | 22,807.2 | (1) % | ||
| Total Commercial Lines | 1,024.6 | 916.6 | 12 % | ||
| Total Property business | 2,823.0 | 2,655.5 | 6 % | ||
| Companywide Total | 26,509.1 | 26,379.3 | 0 % | ||
See Progressive’s complete monthly earnings release, including the “Monthly Commentary,” for additional information.
About Progressive
Progressive Insurance® 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) 395-3707
investor_relations@progressive.com
The Progressive Corporation
6300 Wilson Mills Road
Mayfield Village, Ohio 44143
http://www.progressive.com
Progressive June 2022 Complete Earnings Release: Download PDF
FAQ
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