Progressive Reports May 2020 Results
The Progressive Corporation (NYSE:PGR) reported significant growth in May 2020. Net premiums written reached $3,174.2 million, a 19% increase compared to May 2019's $2,662.7 million. Net premiums earned rose by 10% to $2,991.2 million, up from $2,731.4 million year-over-year. Net income attributable to Progressive surged to $366.9 million from $78.5 million, while earnings per share increased by 378% to $0.62. The company's combined ratio was 93.7%, reflecting a slight increase from 91.6% in the previous year.
- Net premiums written increased by 19% to $3,174.2 million.
- Net premiums earned rose by 10% to $2,991.2 million.
- Net income attributable to Progressive surged to $366.9 million from $78.5 million.
- Earnings per share increased by 378% to $0.62.
- Combined ratio improved, though slightly, to 93.7% from 91.6%.
- Combined ratio increased by 2.1 percentage points.
MAYFIELD VILLAGE, OHIO, June 17, 2020 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for May 2020:
| May | ||||||||||
| (millions, except per share amounts and ratios; unaudited) | 2020 | 2019 | Change | |||||||
| Net premiums written | $ | 3,174.2 | $ | 2,662.7 | 19 | % | ||||
| Net premiums earned | $ | 2,991.2 | $ | 2,731.4 | 10 | % | ||||
| Net income attributable to Progressive | $ | 366.9 | $ | 78.5 | 367 | % | ||||
| Per share available to common shareholders | $ | 0.62 | $ | 0.13 | 378 | % | ||||
| Total pretax net realized gains (losses) on securities | $ | 210.6 | $ | (204.3 | ) | (203 | )% | |||
| Combined ratio | 93.7 | 91.6 | 2.1 pts. | |||||||
| Average diluted equivalent common shares | 587.2 | 586.9 | 0 | % |
| May | ||||||
| (thousands; unaudited) | 2020 | 2019 | Change | |||
| Policies in Force | ||||||
| Personal Lines | ||||||
| Agency – auto | 7,336.7 | 6,732.4 | 9 | % | ||
| Direct – auto | 8,434.4 | 7,467.5 | 13 | % | ||
| Total personal auto | 15,771.1 | 14,199.9 | 11 | % | ||
| Total special lines | 4,715.7 | 4,477.4 | 5 | % | ||
| Total Personal Lines | 20,486.8 | 18,677.3 | 10 | % | ||
| Total Commercial Lines | 776.6 | 728.2 | 7 | % | ||
| Property business | 2,305.9 | 2,047.9 | 13 | % | ||
| Companywide Total | 23,569.3 | 21,453.4 | 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:
Julia Hornack
(440) 395-2164
investor_relations@progressive.com
The Progressive Corporation
6300 Wilson Mills Road
Mayfield Village, Ohio 44143
http://www.progressive.com
Progressive May 2020 Complete Earnings Release: http://ml.globenewswire.com/Resource/Download/2644cf62-72b0-425f-a0fc-040bcc69e451
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