Progressive Reports December Results and Annual Dividend Amount
The Progressive Corporation today reported the following results for December and the fourth quarter 2012:
|(millions, except per share amounts and ratios; unaudited)||2012||2011||Change||2012||2011||Change|
|Net premiums written||$||1,137.5||$||1,011.5||12 %||$||3,839.3||$||3,538.1||9 %|
|Net premiums earned||$||1,266.1||$||1,164.7||9 %||$||4,105.6||$||3,776.9||9 %|
|Net income||$||95.1||$||76.3||25 %||$||249.1||$||256.7||(3)%|
|Per share||$||.16||$||.12||26 %||$||.41||$||.42||(2)%|
Total pretax net realized gains (losses) on securities (including net impairment losses)
|Combined ratio||93.5||91.2||2.3 pts.||94.6||93.0||1.6 pts.|
|Average equivalent shares||605.5||611.6||(1)%||605.4||613.4||(1)%|
|NM = Not Meaningful|
Policies in Force:
|Agency – auto||4,790.4||4,648.5||3 %|
|Direct – auto||4,000.1||3,844.5||4 %|
|Total personal auto||8,790.5||8,493.0||4 %|
|Total special lines||3,944.8||3,790.8||4 %|
|Total Personal Lines||12,735.3||12,283.8||4 %|
|Total Commercial Auto||519.6||509.1||2 %|
On December 7, 2012, the Board of Directors declared an annual variable dividend to be paid on February 1, 2013, to shareholders of record at the close of business on January 25, 2013 (ex-dividend date of January 23, 2013). The amount of the dividend is $.2845 per common share, or an estimated $172.0 million in the aggregate, and is reflected in our 2012 financial statements.
Progressive is scheduled to hold a one-hour conference call to address questions on Thursday, February 28, 2013, at 9:00 a.m., eastern time, subsequent to the posting of our 2012 Shareholders' Report online and the filing of our 2012 Annual Report on Form 10-K with the SEC. Registration for the teleconference and webcast will be available at http://investors.progressive.com/phoenix.zhtml?c=81824&p=irol-calendar in February 2013.
See the complete release at http://investors.progressive.com/phoenix.zhtml?c=81824&p=irol-finRel for further information.
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®, the Snapshot Discount®, and a concierge level of claims service.
The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, trade publicly at (NYSE: PGR).
The Progressive Corporation
Matt Downing, 440-395-4222