Progressive Reports August 2017 Results
September 19 2017 - 8:42AM
MAYFIELD VILLAGE, OHIO - September 19, 2017 -- The
Progressive Corporation (NYSE:PGR) today reported the following
results for August 2017:
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|
|
|
|
|
|
|
(millions, except per share amounts and ratios;
unaudited) |
August |
|
August |
|
Change |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
Net premiums written |
$ |
2,211.8 |
|
$ |
1,910.7 |
|
16 % |
Net premiums earned |
$ |
2,019.6 |
|
$ |
1,767.9 |
|
14 % |
Net income (loss) attributable to Progressive |
$ |
(16.8) |
|
$ |
49.3 |
|
(134) % |
Per share1 |
$ |
(0.03) |
|
$ |
0.08 |
|
(134) % |
Total pretax net realized gains (losses) on
securities |
|
|
|
|
|
|
|
(including net impairment losses) |
$ |
(11.7) |
|
$ |
(29.3) |
|
(60) % |
Combined ratio |
|
103.8 |
|
|
97.9 |
|
5.9 pts. |
Average equivalent shares1 |
|
581.4 |
|
|
584.8 |
|
(1) % |
|
|
|
|
|
|
|
|
1 Since we
reported a net loss for August 2017, the calculated diluted
earnings per share was antidilutive; therefore, basic earnings per
share and average basic shares outstanding are disclosed. For
August 2016, diluted earnings per share and average dilutive
equivalent shares are disclosed.
(thousands; unaudited) |
August |
|
August |
|
|
|
|
|
2017 |
2016 |
Change |
Policies in Force |
|
|
|
|
|
Vehicle
businesses: |
|
|
|
|
|
Agency - auto |
5,463.9 |
|
4,971.4 |
|
10 % |
Direct - auto |
5,819.1 |
|
5,326.7 |
|
9 % |
|
Total personal auto |
11,283.0 |
|
10,298.1 |
|
10 % |
|
Total special lines |
4,391.3 |
|
4,292.0 |
|
2 % |
|
|
Total Personal Lines |
15,674.3 |
|
14,590.1 |
|
7 % |
|
|
Total Commercial Lines |
634.0 |
|
610.7 |
|
4 % |
Property
business |
1,349.0 |
|
1,180.9 |
|
14 % |
|
|
|
|
|
|
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|
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. 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 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 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
To view the complete release, click the attachment below.
Progressive August 2017 Complete
Earnings Release
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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