Progressive Reports September 2020 Results
The Progressive Corporation (NYSE:PGR) announced its financial results for September and Q3 2020, showing significant growth in net premiums written, up 15% to $3,468.1 million for September and 14% to $11,015.1 million for the quarter. Net premiums earned increased by 11% both for the month and the quarter. However, net income attributable to Progressive decreased by 18% year-over-year to $231.4 million for September, with a per-share decline from $0.47 to $0.39. The combined ratio improved to 88.3 from 92.3 a year earlier, and total policies in force rose by 11% across personal and commercial lines.
- Net premiums written increased by 15% in September and 14% in Q3.
- Net premiums earned grew by 11% for both September and Q3.
- Combined ratio improved to 88.3 from 92.3 year-over-year.
- Net income attributable to Progressive decreased by 18% year-over-year.
- Earnings per share dropped from $0.47 to $0.39.
MAYFIELD VILLAGE, OHIO, Oct. 14, 2020 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for September 2020 and the third quarter of 2020:
| September | Quarter | |||||||||||||||||||||
| (millions, except per share amounts and ratios; unaudited) | 2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||||||
| Net premiums written | $ | 3,468.1 | $ | 3,024.3 | 15 | % | $ | 11,015.1 | $ | 9,621.2 | 14 | % | ||||||||||
| Net premiums earned | $ | 3,103.2 | $ | 2,800.9 | 11 | % | $ | 9,973.5 | $ | 9,012.2 | 11 | % | ||||||||||
| Net income attributable to Progressive | $ | 231.4 | $ | 280.9 | (18) | % | $ | 1,530.8 | $ | 841.7 | 82 | % | ||||||||||
| Per share available to common shareholders | $ | 0.39 | $ | 0.47 | (18) | % | $ | 2.59 | $ | 1.42 | 82 | % | ||||||||||
| Total pretax net realized gains (losses) on securities | $ | (131.7 | ) | $ | 50.1 | (363) | % | $ | 532.6 | $ | 65.4 | NM | ||||||||||
| Combined ratio | 88.3 | 92.3 | (4.0) | pts. | 87.8 | 91.9 | (4.1) | pts. | ||||||||||||||
| Average diluted equivalent common shares | 587.8 | 587.0 | 0 | % | 587.8 | 587.1 | 0 | % | ||||||||||||||
NM=Not meaningful
| September | ||||||
| (thousands; unaudited) | 2020 | 2019 | Change | |||
| Policies in Force | ||||||
| Personal Lines | ||||||
| Agency – auto | 7,527.1 | 6,903.8 | 9 | % | ||
| Direct – auto | 8,774.3 | 7,716.0 | 14 | % | ||
| Total personal auto | 16,301.4 | 14,619.8 | 12 | % | ||
| Total special lines | 4,905.8 | 4,567.6 | 7 | % | ||
| Total Personal Lines | 21,207.2 | 19,187.4 | 11 | % | ||
| Total Commercial Lines | 803.9 | 748.7 | 7 | % | ||
| Property business | 2,421.0 | 2,144.3 | 13 | % | ||
| Companywide Total | 24,432.1 | 22,080.4 | 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 September 2020 Complete Earnings Release: http://ml.globenewswire.com/Resource/Download/aba592ac-8bb1-4342-9954-ffb658a8fa60
FAQ
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