MAYFIELD VILLAGE, OHIO - May 14, 2014 -- The Progressive Corporation (NYSE:PGR) today reported the following results for April 2014:
| (millions, except per share amounts and ratios; unaudited) | April | April | Change | |||||
| 2014 | 2013 | |||||||
| Net premiums written | $ | 1,877.2 | $ | 1,782.0 | 5 % | |||
| Net premiums earned | $ | 1,731.6 | $ | 1,639.9 | 6 % | |||
| Net income | $ | 155.8 | $ | 139.5 | 12 % | |||
| Per share | $ | .26 | $ | .23 | 13 % | |||
| Total pretax net realized gains (losses) on securities | ||||||||
| (including net impairment losses) | $ | 17.5 | $ | 46.2 | (62) % | |||
| Combined ratio | 88.4 | 91.3 | (2.9) pts. | |||||
| Average diluted equivalent shares | 596.1 | 604.0 | (1) % | |||||
| (thousands; unaudited) | April | April | ||||||
| 2014 | 2013 | Change | ||||||
| Policies in Force: | ||||||||
| Agency - auto | 4,904.2 | 4,845.2 | 1 % | |||||
| Direct - auto | 4,410.1 | 4,115.9 | 7 % | |||||
| Total personal auto | 9,314.3 | 8,961.1 | 4 % | |||||
| Total special lines | 4,011.9 | 3,970.3 | 1 % | |||||
| Total Personal Lines | 13,326.2 | 12,931.4 | 3 % | |||||
| Total Commercial Lines | 512.4 | 523.0 | (2) % | |||||
As previously announced, Progressive will hold a simultaneous webcast of its 2014 Investor Relations Meeting on Thursday, May 15, 2014, beginning at 1:00 p.m. eastern time. This meeting will last approximately three hours and will include a question and answer session following the presentation. The meeting will also be available simultaneously, in a listen-only format, by phone. Participants via the phone will not be able to submit questions during the question and answer session. To attend the webcast or to receive the callin instructions, visit our website at http://investors.progressive.com/phoenix.zhtml?c=81824&p=irol-calendar. Information that is distributed at the meeting will be made available at this website prior to the start of the webcast.
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 it 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 offers insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes. It's the fourth largest auto insurer in the country, the largest seller of motorcycle insurance, and a leader in commercial auto insurance. 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:
Matt Downing
(440) 395-4222
The Progressive Corporation
6300 Wilson Mills Road
Mayfield Village, Ohio 44143
http://www.progressive.com
To view the complete release, click the attachment below.