MAYFIELD VILLAGE, OHIO - January 28, 2015 -- The Progressive Corporation PGR today reported the following results for December and the fourth quarter 2014:
| December | Fourth Quarter | |||||||||||||||||||||||
| (millions, except per share amounts and ratios; unaudited) | 2014 | 2013 | Change1 | 2014 | 2013 | Change1 | ||||||||||||||||||
| Net premiums written | $ | 1,568.9 | $ | 1,194.0 | 31 | % | $ | 4,613.6 | $ | 4,048.6 | 14 | % | ||||||||||||
| Net premiums earned | $ | 1,769.9 | $ | 1,339.8 | 32 | % | $ | 4,942.6 | $ | 4,344.1 | 14 | % | ||||||||||||
| Net income | $ | 187.6 | $ | 89.9 | 109 | % | $ | 370.2 | $ | 299.8 | 23 | % | ||||||||||||
| Per share | $ | 0.32 | $ | 0.15 | 112 | % | $ | 0.63 | $ | 0.50 | 26 | % | ||||||||||||
| Total pretax net realized gains (losses) on | ||||||||||||||||||||||||
| securities (including net impairment losses) | $ | 22.6 | $ | 26.2 | (14) | % | $ | 26.2 | $ | 77.0 | (66) | % | ||||||||||||
| Combined ratio | 87.4 | 95.9 | (8.5) pts. | 90.9 | 93.8 | (2.9) pts. | ||||||||||||||||||
| Average diluted equivalent shares | 591.7 | 601.2 | (2) | % | 591.9 | 602.4 | (2) | % | ||||||||||||||||
1 Operating results include 5 weeks of activity for December 2014 and 14 weeks for the Fourth Quarter 2014, compared to 4 weeks and 13 weeks for the same periods in 2013. Excluding the additional week of activity, net premiums written growth would have been approximately 5% for the month and 6% for the fourth quarter, and net premiums earned growth would have been approximately 6% for both periods. See the "Monthly Commentary" for additional discussion.
| (thousands; unaudited) | December | December | |||
| 2014 | 2013 | Change | |||
| Policies in Force: | |||||
| Agency - auto | 4,725.5 | 4,841.9 | (2)% | ||
| Direct - auto | 4,505.5 | 4,224.2 | 7 % | ||
| Total personal auto | 9,231.0 | 9,066.1 | 2 % | ||
| Total special lines | 4,030.9 | 3,990.3 | 1 % | ||
| Total Personal Lines | 13,261.9 | 13,056.4 | 2 % | ||
| Total Commercial Lines | 514.7 | 514.6 | 0% | ||
We are currently scheduled to hold a one-hour conference call to address questions on Wednesday, March 4, 2015 at 9:00 a.m., eastern time, subsequent to the posting of our 2014 Shareholders' Report online and the filing of our 2014 Annual Report on Form 10-K with the SEC. Registration for the teleconference and webcast will be available in February 2015 at http://investors.progressive.com/phoenix.zhtml?c=81824&p=irol-calendar.
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/Julia Hornack
(440) 395-4222/(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.
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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