MAYFIELD VILLAGE, OHIO, April 15, 2021 (GLOBE NEWSWIRE) — The Progressive Corporation (NYSE:PGR) today reported the following results for March and the first quarter of 2021:
| March | Quarter | |||||||||||
| 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||
| (millions, except per share amounts and ratios; unaudited) | ||||||||||||
| Net premiums written | $3,772.5 | $2,860.8 | 32 | % | $11,729.1 | $9,871.3 | 19 | % | ||||
| Net premiums earned | $3,269.9 | $2,936.5 | 11 | % | $10,420.2 | $9,430.7 | 10 | % | ||||
| Net income | $567.9 | $318.6 | 78 | % | $1,480.0 | $692.7 | 114 | % | ||||
| Per share available to common shareholders | $0.96 | $0.54 | 79 | % | $2.51 | $1.17 | 115 | % | ||||
| Total pretax net realized gains (losses) on securities | $348.7 | $(329.1) | (206) | % | $585.3 | $(553.6) | (206) | % | ||||
| Combined ratio | 90.7 | 77.1 | 13.6 pts. | 89.3 | 86.9 | 2.4 pts. | ||||||
| Average diluted equivalent common shares | 586.6 | 587.0 | 0 | % | 586.9 | 586.9 | 0 | % | ||||
Note: Year-over-year changes reflect the impact on net premiums written, profitability, and the equity markets from the social distancing and shelter-in-place restrictions that were put in place in March 2020 in response to COVID-19.
| March | ||||||
| (thousands; unaudited) | 2021 | 2020 | Change | |||
| Policies in Force | ||||||
| Personal Lines | ||||||
| Agency – auto | 7,863.5 | 7,164.6 | 10 % | |||
| Direct – auto | 9,338.8 | 8,126.3 | 15 % | |||
| Total personal auto | 17,202.3 | 15,290.9 | 13 % | |||
| Total special lines | 5,026.7 | 4,574.5 | 10 % | |||
| Total Personal Lines | 22,229.0 | 19,865.4 | 12 % | |||
| Total Commercial Lines | 858.9 | 759.7 | 13 % | |||
| Property business | 2,566.3 | 2,264.1 | 13 % | |||
| Companywide Total | 25,654.2 | 22,889.2 | 12 % | |||
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 March 2021 Complete Earnings Release: http://ml.globenewswire.com/Resource/Download/b6d72c6c-4137-4e2c-9a45-824b03d5c7a0