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Progressive Reports January 2018 Results

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February 14, 2018 8:32 AM EST

 

MAYFIELD VILLAGE, OHIO - February 14, 2018 -- The Progressive Corporation (NYSE: PGR) today reported the following results for January 2018:

               
(millions, except per share amounts and ratios; unaudited) January   January   Change
  2018   2017  
               
Net premiums written $ 2,729.2   $ 2,241.9      22 %
Net premiums earned $ 2,689.6   $ 2,279.1      18 %
Net income attributable to Progressive $ 448.3   $ 182.1      146 %
  Per share $ 0.77   $ 0.31     145 %
Total pretax net realized gains (losses) on securities $ 181.1   $ 9.4     NM
Combined ratio   87.4     89.7     (2.3) pts.
Average diluted equivalent shares   585.5     582.6      0 %
               

NM = Not Meaningful


(thousands; unaudited) January   January    
      2018 2017 Change
Policies in Force           
Vehicle businesses:          
 Agency - auto 5,730.0   5,085.7   13 %
 Direct - auto 6,145.3   5,402.9   14 %
   Total personal auto 11,875.3   10,488.6   13 %
   Total special lines 4,269.6   4,226.3   1 %
     Total Personal Lines 16,144.9   14,714.9   10 %
     Total Commercial Lines 649.8   605.4   7 %
Property business 1,579.8   1,243.7   27 %
               


Note: Beginning January 2018, our manufactured home product is reported with our Property business; previously it was reported with the special lines products. Prior year results, including policies in force, have not been restated due to the immaterial amount of business written in 2017 (approximately 0.2% and 0.6% of Personal Lines net premiums written and policies in force, respectively).

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 American Strategic Insurance Corp. and subsidiaries (ASI), our majority owned subsidiaries.

Progressive is the fourth largest auto insurer in the country; a leading seller of motorcycle and commercial auto insurance; and through ASI, one of the top 20 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

The Progressive Corporation
6300 Wilson Mills Road
Mayfield Village, Ohio  44143
http://www.progressive.com

To view the complete release, click the attachment below.




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: The Progressive Corporation via Globenewswire

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