Progressive Announces Dividend Information and Reports January 2020 Results
MAYFIELD VILLAGE, OHIO, Feb. 19, 2020 (GLOBE NEWSWIRE) -- On February 14, 2020, the Board of Directors of The Progressive Corporation (NYSE:PGR) declared a dividend on our common shares and on our Series B Fixed-to-Floating Rate Cumulative Perpetual Serial Preferred Shares. The common share dividend is in the amount of $0.10 per share, payable on April 15, 2020, to shareholders of record on April 7, 2020 (ex-dividend date of April 6, 2020). The $26.875 per Series B Share dividend, or $13.4 million in the aggregate, is based on the annual rate of 5.375% of the stated amount of $1,000 per Series B Share and is payable March 16, 2020, to shareholders of record at the close of business on February 28, 2020.
The Company today reported the following results for January 2020:
| January | ||||||||||
| (millions, except per share amounts and ratios; unaudited) | 2020 | 2019 | Change | |||||||
| Net premiums written | $ | 3,606.3 | $ | 3,173.2 | 14 | % | ||||
| Net premiums earned | $ | 3,579.1 | $ | 3,189.9 | 12 | % | ||||
| Net income attributable to Progressive | $ | 307.0 | $ | 556.0 | (45 | ) % | ||||
| Per share available to common shareholders | $ | 0.52 | $ | 0.94 | (45 | ) % | ||||
| Total pretax net realized gains (losses) on securities | $ | 32.5 | $ | 269.5 | (88 | ) % | ||||
| Combined ratio | 92.1 | 88.6 | 3.5 pts. | |||||||
| Average diluted equivalent common shares | 586.8 | 586.4 | 0 | % | ||||||
| January | |||||
| (thousands; unaudited) | 2020 | 2019 | Change | ||
| Policies in Force | |||||
| Personal Lines | |||||
| Agency – auto | 7,060.5 | 6,413.5 | 10 % | ||
| Direct – auto | 7,957.3 | 7,086.6 | 12 % | ||
| Total personal auto | 15,017.8 | 13,500.1 | 11 % | ||
| Total special lines | 4,553.9 | 4,379.4 | 4 % | ||
| Total Personal Lines | 19,571.7 | 17,879.5 | 9 % | ||
| Total Commercial Lines | 756.8 | 700.3 | 8 % | ||
| Property business | 2,221.2 | 1,957.2 | 13 % | ||
| Companywide Total | 22,549.7 | 20,537.0 | 10 % | ||
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 . 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. Home insurance is underwritten by select carriers, including our majority owned subsidiaries, American Strategic Insurance Corp. and its affiliates (ASI).
Progressive is the third largest auto insurer in the country; a leading seller of and ; and through ASI, one of the top 15 .
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:
Julia Hornack
(440) 395-2164
The Progressive Corporation
6300 Wilson Mills Road
Mayfield Village, Ohio 44143
Progressive January 2020 Complete Earnings Release:
