By Colin Kellaher

 

Progressive Corp. (PGR) on Wednesday said its board declared an annual dividend of $2.25, along with a 10-cent regular quarterly dividend, for a total payout of $2.35.

The Mayfield Village, Ohio, insurance provider said the special dividend reflects its capital position, existing capital resources, and expected current and future capital needs.

Progressive last December said it would end its policy of paying a variable annual dividend and shift to regular 10-cent quarterly payouts this year, adding that the board would consider declaring an additional dividend at least annually.

Progressive said the dividends are payable Jan. 15 to shareholders of record Jan. 8.

The company said its board expects to continue targeting a 10-cent quarterly dividend this year.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

December 11, 2019 09:19 ET (14:19 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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