MAYFIELD VILLAGE, OHIO - July 14, 2016 -- The Progressive Corporation PGR today reported the following results for June and the second quarter 2016:
| June | Second Quarter | ||||||||||||||||||||||||||||||||
| (millions, except per share amounts and ratios; unaudited) | 2016 | 2015 | Change | 2016 | 2015 | Change | |||||||||||||||||||||||||||
| Net premiums written1 | $ | 1,860.6 | $ | 1,602.0 | 16 | % | $ | 5,934.6 | $ | 5,246.1 | 13 | % | |||||||||||||||||||||
| Net premiums earned | $ | 1,741.8 | $ | 1,552.5 | 12 | % | $ | 5,561.8 | $ | 4,995.8 | 11 | % | |||||||||||||||||||||
| Net income attributable to Progressive | $ | 60.5 | $ | 94.6 | (36) | % | $ | 190.9 | $ | 363.3 | (47) | % | |||||||||||||||||||||
| Per share | $ | 0.10 | $ | 0.16 | (36) | % | $ | 0.33 | $ | 0.62 | (47) | % | |||||||||||||||||||||
| Total pretax net realized gains (losses) on | |||||||||||||||||||||||||||||||||
| securities (including net impairment losses) | $ | (0.4) | $ | 43.7 | (101) | % | $ | 32.3 | $ | 76.0 | (58) | % | |||||||||||||||||||||
| Combined ratio | 96.0 | 95.2 | 0.8 pts. | 96.8 | 92.5 | 4.3 pts. | |||||||||||||||||||||||||||
| Average diluted equivalent shares | 584.8 | 589.1 | (1) | % | 585.1 | 589.5 | (1) | % | |||||||||||||||||||||||||
1 Our June 2016 net premiums written includes $70.3 million related to the termination of a 10% quota share reinsurance agreement in our Property business. Adjusting for the termination, net premiums written would have increased 12% for the month and for the second quarter.
| (thousands; unaudited) | June | June | |||||
| 2016 | 2015 | Change | |||||
| Policies in Force | |||||||
| Vehicle businesses: | |||||||
| Agency - auto | 4,937.6 | 4,753.6 | 4 % | ||||
| Direct - auto | 5,284.4 | 4,744.8 | 11 % | ||||
| Total personal auto | 10,222.0 | 9,498.4 | 8 % | ||||
| Total special lines | 4,257.3 | 4,127.8 | 3 % | ||||
| Total Personal Lines | 14,479.3 | 13,626.2 | 6 % | ||||
| Total Commercial Lines | 600.3 | 538.4 | 11 % | ||||
| Property business2 | 1,177.0 | 1,054.7 | 12 % | ||||
2 Increase primarily reflects the exchange transaction that occurred in June; see the "Monthly Commentary" for additional discussion.
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 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 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.
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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