The Progressive Corporation : Progressive Reports September 2015 Results

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MAYFIELD VILLAGE, OHIO - October 16, 2015 -- The Progressive Corporation PGR today reported the following results for September 2015:

    September     Third Quarter
(millions, except per share amounts and ratios; unaudited) 2015   2014   Change 2015   2014   Change
                             
Net premiums written $ 1,723.0     $ 1,423.2     21  % $ 5,412.6     $ 4,732.3     14 %
Net premiums earned $ 1,575.8     $ 1,401.3     12 % $ 5,070.6     $ 4,540.1     12 %
Net income $ 72.3     $ 92.0     (21) % $ 278.3     $ 296.1     (6) %
Per share $ 0.12     $ 0.16     (21) % $ 0.47     $ 0.50     (5) %
Total pretax net realized gains (losses) on                            
securities (including net impairment losses) $  (24.3)     $ 20.4     (219) % $ (15.8)     $ 38.2     (141) %
Combined ratio 93.1   93.3   (0.2) pts. 92.8   92.5       0.3 pts.
Average diluted equivalent shares 587.8   592.9   (1) % 589.1   593.7   (1)  %
                             


We acquired a controlling interest in ARX Holding Corp. (ARX), parent company of American Strategic Insurance (ASI) and other subsidiaries, on April 1, 2015. Beginning in April 2015, our companywide results include the results of ARX and its subsidiaries, which are included in the "Property business" throughout the release. Periods prior to April 1, 2015, do not include ARX's results.

(thousands; unaudited) September   September    
      2015 2014 Change
Policies in Force           
Vehicle businesses:          
 Agency - auto 4,739.9   4,784.6   (1) %
 Direct - auto 4,830.8   4,453.4   8 %
   Total personal auto 9,570.7   9,238.0   4 %
   Total special lines 4,150.0   4,081.8   2 %
     Total Personal Lines 13,720.7   13,319.8   3 %
     Total Commercial Lines 549.5   517.8   6 %
Property business 1,070.2   --   NM
               


NM = Not meaningful; Property business written by Progressive prior to April 2015 was negligible.

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 http://www.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 subsidiary, American Strategic Insurance (ASI).

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 15 homeowners carriers. 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:
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 OMX Corporate Solutions on behalf of NASDAQ OMX 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

HUG#1959276
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Posted In: Press Releases
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