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 | 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 . 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 and , and 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:
Douglas S. Constantine
(440) 910-3563
The Progressive Corporation
6300 Wilson Mills Road
Mayfield Village, Ohio 44143
Progressive December 2020 Complete Earnings Release:
