Progressive Reports December 2020 Results

MAYFIELD VILLAGE, OHIO, Jan. 27, 2021 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for December 2020 and the fourth quarter of 2020: 

 December  Quarter  
(millions, except per share amounts and ratios; unaudited)2020 2019 Change12020 2019 Change1
      
Net premiums written$2,789.1 $3,338.5 (16)%$9,542.3 $9,590.3 (1)%
Net premiums earned$3,164.2 $3,542.7 (11)%$10,208.8 $9,895.7 3 %
Net income attributable to Progressive$706.0 $460.0 53 %$1,684.3 $1,070.8 57 %
  Per share available to common shareholders$1.20 $0.78 54 %$2.85 $1.81 57 %
Total pretax net realized gains (losses) on securities$340.9 $125.5 172 %$760.2 $369.4 106 %
Combined ratio 85.2  89.4 (4.2)pts. 88.4  92.4 (4.0)pts.
Average diluted equivalent common shares 587.5  587.0 0 % 587.6  587.0 0 %
Operating results for 2019 included an extra week of underwriting activity for December and the fourth quarter for our non-Property businesses. Excluding the additional week of vehicle underwriting activity in 2019, companywide net premiums written growth would have been approximately 3% for the month and 6% for the fourth quarter, and net premiums earned growth would have been approximately 11% for both periods. See the “Supplemental Information” and the “Monthly Commentary” in the full release for additional discussion.


 December
(thousands; unaudited)
2020 2019 Change
Policies in Force     
Personal Lines     
Agency – auto7,617.0 6,994.3 9%
Direct – auto8,881.4 7,866.5 13%
Total personal auto16,498.4 14,860.8 11%
Total special lines4,915.1 4,547.8 8%
Total Personal Lines21,413.5 19,408.6 10%
Total Commercial Lines822.0 751.4 9%
Property business2,484.4 2,202.1 13%
Companywide Total24,719.9 22,362.1 11%
      

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 December 2020 Complete Earnings Release: http://ml.globenewswire.com/Resource/Download/d3c20089-e9aa-48aa-ac6a-8d8a6f7eb9e5


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