Progressive Reports September 2021 Results
The Progressive Corporation (NYSE:PGR) announced its financial results for September 2021 and the third quarter of 2021. Key highlights include a 15% increase in net premiums written at $4,004 million compared to $3,468 million in 2020. Net premiums earned also rose by 14%, totaling $3,537.5 million. However, the company reported a net loss of $130.3 million, contrasting with a profit of $231.4 million in the same period last year. The combined ratio for the quarter was 100.1, indicating a slight deterioration from 88.3 in the previous year.
- Net premiums written increased by 15% to $4,004 million.
- Net premiums earned rose by 14% to $3,537.5 million.
- Net income showed a loss of $130.3 million compared to a profit of $231.4 million in 2020.
- The combined ratio worsened to 100.1 from 88.3, indicating higher costs relative to premiums.
MAYFIELD VILLAGE, OHIO, Oct. 14, 2021 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for September 2021 and the third quarter of 2021:
| September | Quarter | ||||||||||||||||||||
| (millions, except per share amounts and ratios; unaudited) | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||
| Net premiums written | $ | 4,004.0 | $ | 3,468.1 | 15 | % | $ | 12,446.5 | $ | 11,015.1 | 13 | % | |||||||||
| Net premiums earned | $ | 3,537.5 | $ | 3,103.2 | 14 | % | $ | 11,364.8 | $ | 9,973.5 | 14 | % | |||||||||
| Net income (loss) | $ | (130.3 | ) | $ | 231.4 | (156 | ) | % | $ | 118.5 | $ | 1,530.8 | (92 | ) | % | ||||||
| Per share available to common shareholders | $ | (0.23 | ) | $ | 0.39 | (158 | ) | % | $ | 0.19 | $ | 2.59 | (93 | ) | % | ||||||
| Total pretax net realized gains (losses) on securities | $ | (217.4 | ) | $ | (131.7 | ) | 65 | % | $ | 36.8 | $ | 532.6 | (93 | ) | % | ||||||
| Combined ratio | 100.1 | 88.3 | 11.8 pts. | 100.4 | 87.8 | 12.6 pts. | |||||||||||||||
| Average equivalent common shares | 584.7 | 587.8 | (1 | ) | % | 587.1 | 587.8 | 0 | % | ||||||||||||
| September | |||||
| (thousands; unaudited) | 2021 | 2020 | Change | ||
| Policies in Force | |||||
| Personal Lines | |||||
| Agency – auto | 7,973.6 | 7,527.1 | 6 % | ||
| Direct – auto | 9,613.1 | 8,774.3 | 10 % | ||
| Total personal auto | 17,586.7 | 16,301.4 | 8 % | ||
| Total special lines | 5,282.4 | 4,905.8 | 8 % | ||
| Total Personal Lines | 22,869.1 | 21,207.2 | 8 % | ||
| Total Commercial Lines | 952.7 | 803.9 | 19 % | ||
| Total Property business | 2,735.0 | 2,421.0 | 13 % | ||
| Companywide Total | 26,556.8 | 24,432.1 | 9 % | ||
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 2021 Complete Earnings Release: http://ml.globenewswire.com/Resource/Download/3ef489bd-2477-46aa-8aa0-fa13cfae985f
FAQ
What were Progressive's net premiums written for September 2021?
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