Progressive Reports November 2021 Results
Progressive Corporation (NYSE:PGR) announced key financial results for November 2021, reporting a net income of $195.2 million, down 74% from $739.8 million in 2020. The net premiums written increased by 11% to $3,289.4 million, while net premiums earned rose 14% to $3,590.4 million. The combined ratio improved to 91.9 from 86.6, indicating better operational efficiency. Companywide total revenue surged by 7% to $26,540.9 million. Despite overall revenue growth, the significant drop in net income is a concern for investors.
- Net premiums written increased by 11% to $3,289.4 million.
- Net premiums earned rose 14% to $3,590.4 million.
- Combined ratio improved to 91.9 from 86.6, reflecting better efficiency.
- Companywide total revenue surged by 7% to $26,540.9 million.
- Net income decreased by 74% to $195.2 million from $739.8 million in 2020.
- Per share income available to common shareholders fell to $0.33 from $1.26, a drop of 74%.
MAYFIELD VILLAGE, OHIO, Dec. 15, 2021 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for November 2021:
| November | |||||||||||
| 2021 | 2020 | Change | |||||||||
| (millions, except per share amounts and ratios; unaudited) | |||||||||||
| Net premiums written | $ | 3,289.4 | $ | 2,957.9 | 11 | % | |||||
| Net premiums earned | $ | 3,590.4 | $ | 3,150.8 | 14 | % | |||||
| Net income | $ | 195.2 | $ | 739.8 | (74 | ) | % | ||||
| Per share available to common shareholders | $ | 0.33 | $ | 1.26 | (74 | ) | % | ||||
| Total pretax net realized gains (losses) on securities | $ | (99.1 | ) | $ | 459.6 | (122 | ) | % | |||
| Combined ratio | 91.9 | 86.6 | 5.3 pts. | ||||||||
| Average diluted equivalent common shares | 586.3 | 587.6 | 0 | % | |||||||
| November | |||||
| (thousands; unaudited) | 2021 | 2020 | Change | ||
| Policies in Force | |||||
| Personal Lines | |||||
| Agency – auto | 7,921.9 | 7,616.1 | |||
| Direct – auto | 9,600.8 | 8,881.1 | |||
| Total personal auto | 17,522.7 | 16,497.2 | |||
| Total special lines | 5,286.9 | 4,913.4 | |||
| Total Personal Lines | 22,809.6 | 21,410.6 | |||
| Total Commercial Lines | 968.8 | 819.4 | |||
| Total Property business | 2,762.5 | 2,459.6 | |||
| Companywide Total | 26,540.9 | 24,689.6 | |||
See Progressive’s complete monthly earnings release for additional information.
About Progressive
Progressive InsuranceSM 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) 910-3563
investor_relations@progressive.com
The Progressive Corporation
6300 Wilson Mills Road
Mayfield Village, Ohio 44143
http://www.progressive.com
Progressive November 2021 Complete Earnings Release: http://ml.globenewswire.com/Resource/Download/ced34603-2c73-497e-b745-45d9867689e2
FAQ
What were Progressive Corporation's net premiums written for November 2021?
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