Progressive Reports May 2022 Results
The Progressive Corporation (NYSE:PGR) reported its earnings for May 2022, showing a net income of $92.1 million, a significant decline of 73% from $341.1 million in May 2021. Total net premiums written reached $3,724.3 million, up 9% from $3,402.4 million in the previous year. Meanwhile, net premiums earned increased by 11% to $3,763.6 million. The combined ratio for May rose to 96.5%, up from 93.1% in 2021, indicating higher costs relative to premiums earned. Progressive continues to lead in personal and commercial auto insurance markets.
- Net premiums written increased by 9% to $3,724.3 million.
- Net premiums earned rose 11% to $3,763.6 million.
- Net income decreased 73% to $92.1 million.
- Total pretax net realized losses on securities were $(89.0 million), a decline of 161%.
MAYFIELD VILLAGE, OHIO, June 21, 2022 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for May 2022:
| May | |||||||||
| (millions, except per share amounts and ratios; unaudited) | 2022 | 2021 | Change | ||||||
| Net premiums written | 9 | % | |||||||
| Net premiums earned | 11 | % | |||||||
| Net income | (73) | % | |||||||
| Per share available to common shareholders | (73) | % | |||||||
| Total pretax net realized gains (losses) on securities | (161) | % | |||||||
| Combined ratio | 96.5 | 93.1 | 3.4 pts. | ||||||
| Average diluted equivalent common shares | 586.4 | 586.9 | 0 | % | |||||
| May | ||||||
| (thousands; unaudited) | 2022 | 2021 | Change | |||
| Policies in Force | ||||||
| Personal Lines | ||||||
| Agency – auto | 7,658.9 | 7,986.3 | (4) | % | ||
| Direct – auto | 9,541.1 | 9,537.1 | 0 | % | ||
| Total personal auto | 17,200.0 | 17,523.4 | (2) | % | ||
| Total special lines | 5,440.8 | 5,163.7 | 5 | % | ||
| Total Personal Lines | 22,640.8 | 22,687.1 | 0 | % | ||
| Total Commercial Lines | 1,019.3 | 893.4 | 14 | % | ||
| Total Property business | 2,818.7 | 2,626.1 | 7 | % | ||
| Companywide Total | 26,478.8 | 26,206.6 | 1 | % | ||
See Progressive’s complete monthly earnings release 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 May 2022 Complete Earnings Release: Download PDF
FAQ
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