MAYFIELD VILLAGE, OHIO, Jan. 29, 2020 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for December 2019 and the fourth quarter of 2019:
| December | Quarter | |||||||||||||||||||
| (millions, except per share amounts and ratios; unaudited) | 2019 | 2018 | Change1 | 2019 | 2018 | Change1 | ||||||||||||||
| Net premiums written | $ | 3,338.5 | $ | 2,362.4 | 41 | % | $ | 9,590.3 | $ | 7,941.8 | 21 | % | ||||||||
| Net premiums earned | $ | 3,542.7 | $ | 2,554.2 | 39 | % | $ | 9,895.7 | $ | 8,194.6 | 21 | % | ||||||||
| Net income attributable to Progressive | $ | 460.0 | $ | 54.0 | NM | $ | 1,070.8 | $ | 264.7 | 305 | % | |||||||||
| Per share available to common shareholders | $ | 0.78 | $ | 0.09 | NM | $ | 1.81 | $ | 0.44 | 312 | % | |||||||||
| Total pretax net realized gains (losses) on securities | $ | 125.5 | $ | (330.8 | ) | (138 | )% | $ | 369.4 | $ | (572.2) | (165 | )% | |||||||
| Combined ratio | 89.4 | 89.5 | (0.1 | )pts. | 92.4 | 92.5 | (0.1 | )pts. | ||||||||||||
| Average diluted equivalent common shares | 587.0 | 586.6 | 0 | % | 587.0 | 586.7 | 0 | % | ||||||||||||
| NM = Not Meaningful | ||||||||||||||||||||
| 1Operating results include 5 weeks of underwriting activity for December 2019 and 14 weeks for the fourth quarter 2019, for our non-Property businesses, compared to 4 weeks and 13 weeks for the same periods in 2018, respectively. Excluding the additional week of underwriting activity, companywide net premiums written growth would have been approximately 15% for the month and 13% for the fourth quarter, and net premiums earned growth would have been approximately 12% for both periods. See the “Supplemental Information” and the “Monthly Commentary” in the full release for additional discussion. | ||||||||||||||||||||
| December | December | |||||
| (thousands; unaudited) | 2019 | 2018 | Change | |||
| Policies in Force | ||||||
| Personal Lines | ||||||
| Agency – auto | 6,994.3 | 6,358.3 | 10% | |||
| Direct – auto | 7,866.5 | 7,018.5 | 12% | |||
| Total personal auto | 14,860.8 | 13,376.8 | 11% | |||
| Total special lines | 4,547.8 | 4,382.2 | 4% | |||
| Total Personal Lines | 19,408.6 | 17,759.0 | 9% | |||
| Total Commercial Lines | 751.4 | 696.9 | 8% | |||
| Property business | 2,202.1 | 1,936.5 | 14% | |||
| Companywide Total | 22,362.1 | 20,392.4 | 10% | |||
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 our majority owned subsidiaries, American Strategic Insurance Corp. and its affiliates (ASI).
Progressive is the third largest auto insurer in the country; a leading seller of motorcycle and commercial auto insurance; and through ASI, 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:
Julia Hornack
(440) 395-2164
investor_relations@progressive.com
The Progressive Corporation
6300 Wilson Mills Road
Mayfield Village, Ohio 44143
http://www.progressive.com
Progressive December 2019 Complete Earnings Release: http://ml.globenewswire.com/Resource/Download/c78375f6-ecdf-4477-a648-e07f4d7c42fe
