Progressive Reports May 2021 Results

Rhea-AI Summary

The Progressive Corporation (NYSE:PGR) reported its May 2021 results, revealing a 7% increase in net premiums written, totaling $3,402.4 million compared to $3,174.2 million in May 2020. Net premiums earned rose by 13% to $3,388.8 million from $2,991.2 million. However, net income decreased by 7% year-over-year to $341.1 million, down from $366.9 million. The combined ratio improved slightly to 93.1 compared to 93.7 in the previous year. The company’s total policies in force in personal auto increased by 11%.

Positive

• Net premiums written increased by 7% to $3,402.4 million.
• Net premiums earned rose by 13% to $3,388.8 million.
• Policies in force in personal auto increased by 11%.
• Combined ratio improved to 93.1 from 93.7.

Negative

• Net income decreased by 7% to $341.1 million.

MAYFIELD VILLAGE, OHIO, June 16, 2021 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for May 2021:

	May
(millions, except per share amounts and ratios; unaudited)	2021				2020				Change
Net premiums written	$3,402.4				$3,174.2				7		%
Net premiums earned	$3,388.8				$2,991.2				13		%
Net income	$341.1				$366.9				(7	)	%
Per share available to common shareholders	$0.58				$0.62				(7	)	%
Total pretax net realized gains (losses) on securities	$146.3				$210.6				(31	)	%
Combined ratio	93.1				93.7				(0.6) pts.
Average diluted equivalent common shares	586.9				587.2				0		%

	May
(thousands; unaudited)	2021		2020		Change
Policies in Force
Personal Lines
Agency – auto	7,986.3		7,336.7		9%
Direct – auto	9,537.1		8,434.4		13%
Total personal auto	17,523.4		15,771.1		11%
Total special lines	5,163.7		4,715.7		10%
Total Personal Lines	22,687.1		20,486.8		11%
Total Commercial Lines	893.4		776.6		15%
Property business	2,626.1		2,305.9		14%
Companywide Total	26,206.6		23,569.3		11%

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 May 2021 Complete Earnings Release: http://ml.globenewswire.com/Resource/Download/5cef1e8f-b788-4e83-9daa-2f1cf5cd9d33

FAQ

What were Progressive's net premiums written for May 2021 (PGR)?

Progressive's net premiums written for May 2021 were $3,402.4 million.

How much did net income decrease for Progressive in May 2021 (PGR)?

Net income for Progressive decreased by 7% to $341.1 million in May 2021.

What was the change in Progressive's total policies in force in May 2021 (PGR)?

Total policies in force in personal auto increased by 11% in May 2021.

What was the combined ratio for Progressive in May 2021 (PGR)?

The combined ratio for Progressive improved to 93.1 in May 2021.

How much did Progressive's net premiums earned grow in May 2021 (PGR)?

Net premiums earned grew by 13% to $3,388.8 million in May 2021.