Progressive Announces Quarterly Common Share Dividend, Share Repurchase Authorization, and April Results

MAYFIELD VILLAGE, OHIO - May 15, 2019 -- On May 10, 2019, the Board of Directors of The Progressive Corporation PGR declared a $0.10 per common share dividend, payable July 15, 2019, to shareholders of record at the close of business on July 5, 2019 (ex-dividend date of July 3, 2019). The Board also renewed the Company's authorization to repurchase up to 25 million of its common shares. This authorization, which does not have an expiration date, replaced the prior authorization, which was terminated.

The Company today reported the following results for April 2019:

(millions, except per share amounts and ratios; unaudited)	April			April			Change
	2019			2018
Net premiums written	$	3,669.8		$	3,226.9		14 %
Net premiums earned	$	3,348.3		$	2,882.9		16 %
Net income attributable to Progressive	$	487.8		$	260.6		87 %
Per share available to common shareholders	$	0.83		$	0.44		88 %
Total pretax net realized gains (losses) on securities	$	131.6		$	(6.6)		NM
Combined ratio		87.4			89.9		(2.5) pts.
Average diluted equivalent common shares		586.7			585.8		0 %

NM= Not Meaningful

(thousands; unaudited)			April		April
			2019		2018		Change
Policies in Force
Agency - auto			6,687.2		6,014.3		11 %
Direct - auto			7,427.8		6,506.7		14 %
	Total personal auto		14,115.0		12,521.0		13 %
	Total special lines		4,444.2		4,318.5		3 %
		Total Personal Lines	18,559.2		16,839.5		10 %
		Total Commercial Lines	721.7		667.4		8 %
		Property business	2,024.8		1,688.6		20 %

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 third largest auto insurer in the country; a leading seller of motorcycle and commercial auto insurance; and through ASI, one of the top 15 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.

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