Progressive Reports March 2021 Results
April 15 2021 - 8:15AM
The Progressive Corporation (NYSE:PGR) today reported the following
results for March and the first quarter of 2021:
|
March |
|
Quarter |
|
|
2021 |
2020 |
Change |
2021 |
2020 |
Change |
(millions, except per share amounts and ratios;
unaudited) |
|
|
|
|
|
|
|
|
|
Net premiums written |
$3,772.5 |
$2,860.8 |
32 |
% |
$11,729.1 |
$9,871.3 |
19 |
% |
Net
premiums earned |
$3,269.9 |
$2,936.5 |
11 |
% |
$10,420.2 |
$9,430.7 |
10 |
% |
Net
income |
$567.9 |
$318.6 |
78 |
% |
$1,480.0 |
$692.7 |
114 |
% |
Per share available to common shareholders |
$0.96 |
$0.54 |
79 |
% |
$2.51 |
$1.17 |
115 |
% |
Total
pretax net realized gains (losses) on securities |
$348.7 |
$(329.1) |
(206) |
% |
$585.3 |
$(553.6) |
(206) |
% |
Combined
ratio |
90.7 |
77.1 |
13.6 pts. |
89.3 |
86.9 |
2.4 pts. |
Average diluted equivalent common shares |
586.6 |
587.0 |
0 |
% |
586.9 |
586.9 |
0 |
% |
Note: Year-over-year changes reflect the impact on net premiums
written, profitability, and the equity markets from the social
distancing and shelter-in-place restrictions that were put in place
in March 2020 in response to COVID-19.
|
March |
(thousands; unaudited) |
2021 |
|
2020 |
|
Change |
Policies
in Force |
|
|
|
|
|
Personal
Lines |
|
|
|
|
|
Agency – auto |
7,863.5 |
|
7,164.6 |
|
10 % |
|
Direct – auto |
9,338.8 |
|
8,126.3 |
|
15 % |
|
Total personal auto |
17,202.3 |
|
15,290.9 |
|
13 % |
|
Total special lines |
5,026.7 |
|
4,574.5 |
|
10 % |
|
Total
Personal Lines |
22,229.0 |
|
19,865.4 |
|
12 % |
|
Total
Commercial Lines |
858.9 |
|
759.7 |
|
13 % |
|
Property
business |
2,566.3 |
|
2,264.1 |
|
13 % |
|
Companywide Total |
25,654.2 |
|
22,889.2 |
|
12 % |
|
|
|
|
|
|
|
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 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; it is the third largest auto insurer in the country, a
leading seller of motorcycle and commercial auto
insurance, and one of the top 15 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 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 investor_relations@progressive.com The Progressive
Corporation6300 Wilson Mills Road Mayfield Village, Ohio
44143http://www.progressive.com
Progressive March 2021 Complete Earnings
Release: http://ml.globenewswire.com/Resource/Download/b6d72c6c-4137-4e2c-9a45-824b03d5c7a0
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