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Progressive Reports October 2019 Results

MAYFIELD VILLAGE, OHIO, Nov. 13, 2019 (GLOBE NEWSWIRE) -- The Progressive Corporation (PGR) today reported the following results for October 2019:  

  October   October    
(millions, except per share amounts and ratios; unaudited) 2019   2018   Change
         
Net premiums written $ 3,655.7     $ 3,251.4     12 %
Net premiums earned $ 3,507.2     $ 3,110.4     13 %
Net income (loss) attributable to Progressive $ 304.7     $ (31.7 )   NM
  Per share available to common shareholders1 $ 0.52     $ (0.06 )   NM
Total pretax net realized gains (losses) on securities $ 93.6     $ (259.9 )   (136) %
Combined ratio   94.0       95.9     (1.9) pts.
Average diluted equivalent common shares1   586.9       582.8     1 %
NM = Not Meaningful                  
1 For October 2019, amounts are reported on a diluted basis. Since we reported a net loss in October 2018, amounts represent basic earnings per share and basic average equivalent shares as average diluted equivalent common shares were antidilutive.

 

(thousands; unaudited) October   October    
  2019   2018   Change
Policies in Force          
Personal Lines          
Agency – auto 6,949.9   6,309.9   10%
Direct – auto 7,774.4   6,947.2   12%
Total personal auto 14,724.3   13,257.1   11%
Total special lines 4,560.8   4,406.3   4%
Total Personal Lines 19,285.1   17,663.4   9%
Total Commercial Lines 752.9   696.2   8%
Property business 2,163.4   1,893.0   14%
Companywide Total 22,201.4   20,252.6   10%
           

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 our majority owned subsidiaries, American Strategic Insurance Corp. and its affiliates (ASI).

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
investor_relations@progressive.com  
 
The Progressive Corporation 
6300 Wilson Mills Road 
Mayfield Village, Ohio  44143
http://www.progressive.com

Progressive October 2019 Complete Earnings Release: http://ml.globenewswire.com/Resource/Download/ffc3e9ff-1e61-4e1b-9b9b-9c08245dab36