Progressive Reports March 2021 Results

April 15, 2021 8:16 AM EDT

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MAYFIELD VILLAGE, OHIO, April 15, 2021 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE: PGR) today reported the following results for March and the first quarter of 2021: 

 March Quarter 
 20212020Change20212020Change
(millions, except per share amounts and ratios; unaudited)          
Net premiums written$3,772.5$2,860.832%$11,729.1$9,871.319%
Net premiums earned$3,269.9$2,936.511%$10,420.2$9,430.710%
Net income$567.9$318.678%$1,480.0$692.7114%
Per share available to common shareholders$0.96$0.5479%$2.51$1.17115%
Total pretax net realized gains (losses) on securities$348.7$(329.1)(206)%$585.3$(553.6)(206)%
Combined ratio90.777.113.6 pts.89.386.92.4 pts.
Average diluted equivalent common shares586.6587.00%586.9586.90%

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 – auto7,863.5 7,164.6 10 % 
Direct – auto9,338.8 8,126.3 15 % 
Total personal auto17,202.3 15,290.9 13 % 
Total special lines5,026.7 4,574.5 10 % 
Total Personal Lines22,229.0 19,865.4 12 % 
Total Commercial Lines858.9 759.7 13 % 
Property business2,566.3 2,264.1 13 % 
Companywide Total25,654.2 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 Corporation
6300 Wilson Mills Road
Mayfield Village, Ohio 44143
http://www.progressive.com

Progressive March 2021 Complete Earnings Release: http://ml.globenewswire.com/Resource/Download/b6d72c6c-4137-4e2c-9a45-824b03d5c7a0




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