Progressive Reports October 2020 Results
The Progressive Corporation (NYSE:PGR) reported its October 2020 financial results, showcasing significant growth in net premiums written and earned. Net premiums written totaled $3,795.3 million, up 4% from $3,655.7 million in 2019, while net premiums earned rose 11% to $3,893.8 million from $3,507.2 million. However, net income attributable to Progressive declined by 22%, reaching $238.5 million compared to $304.7 million in the prior year. The combined ratio improved to 92.6 from 94.0, reflecting better cost management. Total policies in force rose by 11% year-over-year.
- Net premiums written increased by 4% to $3,795.3 million.
- Net premiums earned grew by 11% to $3,893.8 million.
- Combined ratio improved to 92.6 from 94.0, indicating more efficient operations.
- Total policies in force increased by 11% year-over-year.
- Net income attributable to Progressive decreased by 22% to $238.5 million.
- Earnings per share fell to $0.40 from $0.52, a 22% decline.
MAYFIELD VILLAGE, OHIO, Nov. 24, 2020 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for October 2020:
| October | |||||||||||
| (millions, except per share amounts and ratios; unaudited) | 2020 | 2019 | Change | ||||||||
| Net premiums written | $ | 3,795.3 | $ | 3,655.7 | 4 | % | |||||
| Net premiums earned | $ | 3,893.8 | $ | 3,507.2 | 11 | % | |||||
| Net income attributable to Progressive | $ | 238.5 | $ | 304.7 | (22 | ) | % | ||||
| Per share available to common shareholders | $ | 0.40 | $ | 0.52 | (22 | ) | % | ||||
| Total pretax net realized gains (losses) on securities | $ | (40.3 | ) | $ | 93.6 | (143 | ) | % | |||
| Combined ratio | 92.6 | 94.0 | (1.4) pts. | ||||||||
| Average diluted equivalent common shares | 587.7 | 586.9 | 0 | % | |||||||
| October | |||||
| (thousands; unaudited) | 2020 | 2019 | Change | ||
| Policies in Force | |||||
| Personal Lines | |||||
| Agency – auto | 7,583.4 | 6,949.9 | |||
| Direct – auto | 8,840.1 | 7,774.4 | |||
| Total personal auto | 16,423.5 | 14,724.3 | |||
| Total special lines | 4,911.9 | 4,560.8 | |||
| Total Personal Lines | 21,335.4 | 19,285.1 | |||
| Total Commercial Lines | 815.4 | 752.9 | |||
| Property business | 2,443.1 | 2,163.4 | |||
| Companywide Total | 24,593.9 | 22,201.4 | |||
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 October 2020 Complete Earnings Release http://ml.globenewswire.com/Resource/Download/94d9bf85-e402-4a16-a72d-ca72524e0486
FAQ
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