• Progressive Announces Dividend Information and Reports January 2020 Results

    Source: Nasdaq GlobeNewswire / 19 Feb 2020 13:18:39   Europe/London

    MAYFIELD VILLAGE, OHIO, Feb. 19, 2020 (GLOBE NEWSWIRE) -- On February 14, 2020, the Board of Directors of The Progressive Corporation (NYSE:PGR) declared a dividend on our common shares and on our Series B Fixed-to-Floating Rate Cumulative Perpetual Serial Preferred Shares. The common share dividend is in the amount of $0.10 per share, payable on April 15, 2020, to shareholders of record on April 7, 2020 (ex-dividend date of April 6, 2020). The $26.875 per Series B Share dividend, or $13.4 million in the aggregate, is based on the annual rate of 5.375% of the stated amount of $1,000 per Series B Share and is payable March 16, 2020, to shareholders of record at the close of business on February 28, 2020.

    The Company today reported the following results for January 2020:

       January  
    (millions, except per share amounts and ratios; unaudited)2020 2019 Change
    Net premiums written$3,606.3  $3,173.2  14  %
    Net premiums earned$3,579.1  $3,189.9  12  %
    Net income attributable to Progressive$307.0  $556.0  (45) %
      Per share available to common shareholders$0.52  $0.94  (45) %
    Total pretax net realized gains (losses) on securities$32.5  $269.5  (88) %
    Combined ratio 92.1   88.6  3.5 pts.
    Average diluted equivalent common shares 586.8   586.4  0  %

     

     January
     (thousands; unaudited)2020 2019 Change
    Policies in Force     
    Personal Lines     
    Agency – auto7,060.5 6,413.5 10 %
    Direct – auto7,957.3 7,086.6 12 %
    Total personal auto15,017.8 13,500.1 11 %
    Total special lines4,553.9 4,379.4 4 %
    Total Personal Lines19,571.7 17,879.5 9 %
    Total Commercial Lines756.8 700.3 8 %
    Property business2,221.2 1,957.2 13 %
    Companywide Total22,549.7 20,537.0 10 %
          

    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. 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 January 2020 Complete Earnings Release: http://ml.globenewswire.com/Resource/Download/faac9069-d962-444c-b52b-42729cf9e054

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