Progressive Reports October 2021 Results
The Progressive Corporation (NYSE:PGR) reported its October 2021 results, showing a net premium written of $4.35 billion, a 15% increase from last year. Net premiums earned reached $4.40 billion, up 13%. Net income rose to $373.8 million, a significant 57% increase, translating to $0.63 per share, compared to $0.40 in 2020. The combined ratio improved to 97.2, reflecting operational efficiency. The company also noted total pretax net realized gains of $302.1 million against losses of $40.3 million in the previous year. Overall, Progressive demonstrated strong financial performance in a competitive market.
- Net premiums written increased by 15% to $4.35 billion.
- Net income rose by 57% to $373.8 million.
- Earnings per share increased from $0.40 to $0.63.
- Combined ratio improved to 97.2, indicating operational efficiency.
- Total pretax net realized gains were significantly higher at $302.1 million compared to a loss of $40.3 million last year.
MAYFIELD VILLAGE, OHIO, Nov. 17, 2021 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for October 2021:
| October | ||||||||
| (millions, except per share amounts and ratios; unaudited) | 2021 | 2020 | Change | |||||
| Net premiums written | $ | 4,346.6 | $ | 3,795.3 | 15 | % | ||
| Net premiums earned | $ | 4,397.8 | $ | 3,893.8 | 13 | % | ||
| Net income | $ | 373.8 | $ | 238.5 | 57 | % | ||
| Per share available to common shareholders | $ | 0.63 | $ | 0.40 | 58 | % | ||
| Total pretax net realized gains (losses) on securities | $ | 302.1 | $ | (40.3 | ) | NM | ||
| Combined ratio | 97.2 | 92.6 | 4.6 pts. | |||||
| Average equivalent diluted common shares | 586.4 | 587.7 | 0 | % | ||||
NM = Not Meaningful
| October | ||||||
| (thousands; unaudited) | 2021 | 2020 | Change | |||
| Policies in Force | ||||||
| Personal Lines | ||||||
| Agency – auto | 7,961.1 | 7,583.4 | 5 % | |||
| Direct – auto | 9,628.3 | 8,840.1 | 9 % | |||
| Total personal auto | 17,589.4 | 16,423.5 | 7 % | |||
| Total special lines | 5,288.9 | 4,911.9 | 8 % | |||
| Total Personal Lines | 22,878.3 | 21,335.4 | 7 % | |||
| Total Commercial Lines | 964.3 | 815.4 | 18 % | |||
| Total Property business | 2,750.2 | 2,443.1 | 13 % | |||
| Companywide Total | 26,592.8 | 24,593.9 | 8 % | |||
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 October 2021 Complete Earnings Release: http://ml.globenewswire.com/Resource/Download/a5826978-644a-4adb-933a-e44ef6be9d87
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