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 | Change1 | 2020 | 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 | % | ||||||||||
| 1 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 – auto | 7,617.0 | 6,994.3 | 9% | ||
| Direct – auto | 8,881.4 | 7,866.5 | 13% | ||
| Total personal auto | 16,498.4 | 14,860.8 | 11% | ||
| Total special lines | 4,915.1 | 4,547.8 | 8% | ||
| Total Personal Lines | 21,413.5 | 19,408.6 | 10% | ||
| Total Commercial Lines | 822.0 | 751.4 | 9% | ||
| Property business | 2,484.4 | 2,202.1 | 13% | ||
| Companywide Total | 24,719.9 | 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