Progressive Announces Annual Dividend Information
December 02 2016 - 4:40PM
MAYFIELD VILLAGE, OHIO - December 2, 2016 - The
Progressive Corporation today announced that its Board of Directors
declared an annual dividend to be paid on February 10, 2017, to
shareholders of record at the close of business on February 3, 2017
(ex-dividend date of February 1, 2017). The amount of the dividend
will be determined based on the Company's 2016 financial results
and the following formula:
Dividend Amount Per Share |
= |
Annual After-Tax Underwriting Income |
X |
33 1/3% Target
|
X |
Gainshare
Factor |
Common Shares Outstanding on 12/31/16 |
For a detailed discussion of the Company's annual variable dividend
policy, please go to
http://investors.progressive.com/phoenix.zhtml?c=81824&p=irol-dividends.
In accordance with the policy, no dividend will be paid if the
Company experiences an after-tax underwriting loss for 2016 or if
the Company's after-tax comprehensive income is less than its
after-tax underwriting income for the year. The amount of the
dividend will be announced in the Company's year-end earnings
release, which is currently scheduled for January 25,
2017.
The Gainshare Factor and the components of underwriting income and
comprehensive income are disclosed by the Company throughout the
year in its monthly earnings releases, and the 2016 full-year
amounts will be included in the Company's year-end earnings
release. Year-to-date through October 2016, the Company's after-tax
underwriting income was $470.0 million, after-tax comprehensive
income was $892.1 million, and the Gainshare Factor was
1.56.
Consistent with the Company's policy of not providing projections
of its financial results, the Company is not providing an estimate
of the 2016 dividend at this time. Investors who choose to
calculate or project a dividend amount based on interim results are
cautioned, however, that any such estimates may vary from the
dividend that may ultimately be paid on the basis of the Company's
full-year results and the final Gainshare Factor.
The Board also decided that the dividend for 2017 will be
calculated using the same formula described above, including
keeping the target percentage for 2017 at 33 1/3% of annual
after-tax underwriting income. In addition to the limitations
included in our dividend policy (discussed above), the 2017
dividend will be subject to the Board's discretion and a
declaration by the Board at the end of 2017 or beginning of
2018.
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 http://www.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
American Strategic Insurance Corp. and subsidiaries (ASI), our
majority owned subsidiaries.
Progressive is the fourth largest auto insurer in the country; a
leading seller of motorcycle and commercial auto insurance; and
through ASI, one of the top 20 homeowners carriers. Progressive
also offers car insurance online in Australia at
http://www.progressiveonline.com.au.
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 Service
Centers.
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
http://www.progressive.com
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: The Progressive Corporation via Globenewswire
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