Progressive Reports March 2021 Results

Rhea-AI Summary

The Progressive Corporation (NYSE:PGR) reported significant financial growth in March and Q1 2021. Net premiums written increased by 32% YoY to $3,772.5 million, while net premiums earned rose 11% to $3,269.9 million. Net income surged 78% to $567.9 million, with earnings per share climbing 79% to $0.96. The company's combined ratio worsened to 90.7 from 77.1, indicating increased expenses. Total policies in force for personal lines grew 12% YoY, reaching 22,229,000, with ongoing demand in the personal auto segment driving these results.

Positive

• Net premiums written increased by 32% YoY to $3,772.5 million.
• Net income surged 78% YoY to $567.9 million.
• Earnings per share rose 79% YoY to $0.96.
• Total policies in force for personal lines increased by 12% YoY.
• Net premiums earned grew by 11% YoY to $3,269.9 million.

Negative

• The combined ratio increased to 90.7 from 77.1, indicating higher expenses.

MAYFIELD VILLAGE, OHIO, April 15, 2021 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for March and the first quarter of 2021: 

	March								Quarter
	2021		2020		Change		2021		2020		Change
(millions, except per share amounts and ratios; unaudited)
Net premiums written	$3,772.5		$2,860.8		32	%	$11,729.1		$9,871.3		19	%
Net premiums earned	$3,269.9		$2,936.5		11	%	$10,420.2		$9,430.7		10	%
Net income	$567.9		$318.6		78	%	$1,480.0		$692.7		114	%
Per share available to common shareholders	$0.96		$0.54		79	%	$2.51		$1.17		115	%
Total pretax net realized gains (losses) on securities	$348.7		$(329.1)		(206)	%	$585.3		$(553.6)		(206)	%
Combined ratio	90.7		77.1		13.6 pts.		89.3		86.9		2.4 pts.
Average diluted equivalent common shares	586.6		587.0		0	%	586.9		586.9		0	%

Note: Year-over-year changes reflect the impact on net premiums written, profitability, and the equity markets from the social distancing and shelter-in-place restrictions that were put in place in March 2020 in response to COVID-19.

	March
(thousands; unaudited)	2021		2020		Change
Policies in Force
Personal Lines
Agency – auto	7,863.5		7,164.6		10 %
Direct – auto	9,338.8		8,126.3		15 %
Total personal auto	17,202.3		15,290.9		13 %
Total special lines	5,026.7		4,574.5		10 %
Total Personal Lines	22,229.0		19,865.4		12 %
Total Commercial Lines	858.9		759.7		13 %
Property business	2,566.3		2,264.1		13 %
Companywide Total	25,654.2		22,889.2		12 %

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 March 2021 Complete Earnings Release: http://ml.globenewswire.com/Resource/Download/b6d72c6c-4137-4e2c-9a45-824b03d5c7a0

FAQ

What were Progressive's net premiums written for March 2021?

Progressive's net premiums written for March 2021 were $3,772.5 million, a 32% increase compared to the previous year.

How much did Progressive's net income rise in Q1 2021?

Progressive's net income rose by 78% in Q1 2021, reaching $567.9 million.

What is the EPS reported by Progressive for Q1 2021?

The earnings per share (EPS) reported by Progressive for Q1 2021 was $0.96, a 79% increase from the previous year.

What was Progressive's combined ratio for Q1 2021?

Progressive's combined ratio for Q1 2021 was 90.7, up from 77.1 the previous year.

How many personal lines policies did Progressive have in force in March 2021?

In March 2021, Progressive had 22,229,000 personal lines policies in force, a 12% increase YoY.