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Progressive Corp NYSE: PGR-N

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Progressive Reports June 2021 Results

GlobeNewswire - Thu Jul 15, 7:10AM CDT

The Progressive Corporation (NYSE:PGR) today reported the following results for June 2021 and the second quarter of 2021:

June                                        Quarter
(millions, except per share amounts and ratios; unaudited) 2021       2020       Change    2021        2020        Change
Net premiums written                                       $ 3,627.3  $ 3,201.6  13 %      $ 11,480.3  $ 10,140.0  13 %
Net premiums earned                                        $ 3,459.9  $ 3,023.1  14 %      $ 10,982.3  $ 9,648.6   14 %
Net income                                                 $ 132.8    $ 470.9    (72) %    $ 790.1     $ 1,790.4   (56) %
Per share available to common shareholders                 $ 0.22     $ 0.80     (72) %    $ 1.34      $ 3.04      (56) %
Total pretax net realized gains (losses) on securities     $ 124.2    $ 142.9    (13) %    $ 461.8     $ 890.8     (48) %
Combined ratio                                             100.5      86.9       13.6 pts. 96.5        87.7        8.8 pts.
Average diluted equivalent common shares                   586.8      587.3      0 %       586.8       587.2       0 %

On June 1, 2021, we acquired Protective Insurance Corporation and subsidiaries ("Protective"). Therefore, our June 2021 companywide results include, for the first time, the results of Protective, which are predominately included in the Commercial Lines business results throughout the release. Periods prior to June 1, 2021, do not include Protective's results.

June
(thousands; unaudited) 2021      2020      Change
Policies in Force
Personal Lines
Agency - auto          8,014.2   7,362.5   9 %
Direct - auto          9,581.3   8,507.6   13 %
Total personal auto    17,595.5  15,870.1  11 %
Total special lines    5,211.7   4,790.5   9 %
Total Personal Lines   22,807.2  20,660.6  10 %
Total Commercial Lines 916.6     775.8     18 %
Property business      2,655.5   2,336.1   14 %
Companywide Total      26,379.3  23,772.5  11 %

See Progressive's complete monthly earnings release, including the "Monthly Commentary," for additional information.

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; it is the third largest auto insurer in the country, a leading seller of motorcycle and commercial auto insurance, and 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(R), Snapshot(R), and HomeQuote Explorer(R).

The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, trade publicly at NYSE:PGR.

Company Contact:

Douglas S. Constantine

(440) 910-3563

investor_relations@progressive.com

The Progressive Corporation

6300 Wilson Mills Road

Mayfield Village, Ohio 44143

http://www.progressive.com

Progressive June 2021 Complete Earnings Release: http://ml.globenewswire.com/Resource/Download/9fdec47d-bd7e-4cc4-b130-2178f47ad4bb

https://ml.globenewswire.com/media/5c9adff5-2e63-4752-8055-4bdb7d2d133f/small/progressive-logo-jpg.jpg

https://ml.globenewswire.com/media/5c9adff5-2e63-4752-8055-4bdb7d2d133f/small/progressive-logo-jpg.jpg

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