Progressive Reports September 2016 Results

 

MAYFIELD VILLAGE, OHIO - October 13, 2016 -- The Progressive Corporation (NYSE:PGR) today reported the following results for September and the third quarter 2016:

			September																					Third Quarter
(millions, except per share amounts and ratios; unaudited)	2016										2015									Change		2016					2015					Change
Net premiums written	$	1,861.9							$	1,723.0							8				%	$	6,049.0				$	5,412.6			12		%
Net premiums earned	$	1,783.0							$	1,575.8							13				%	$	5,723.4				$	5,070.6			13		%
Net income attributable to Progressive	$	75.6							$	72.3							5				%	$	198.7				$	278.3			(29)		%
Per share	$	0.13							$	0.12							5				%	$	0.34				$	0.47			(28)		%
Total pretax net realized gains (losses) on
securities (including net impairment losses)	$	(14.7)						$		(24.3)								(40)			%	$	(20.7)				$	(15.8)			31		%
Combined ratio	94.3							93.1											1.2 pts.			96.6					92.8				3.8 pts.
Average diluted equivalent shares	584.2							587.8											(1)		%	584.6					589.1				(1)		%

(thousands; unaudited)			September		September
			2016		2015		Change
Policies in Force
Vehicle businesses:
Agency - auto			4,980.1		4,739.9		5 %
Direct - auto			5,324.0		4,830.8		10 %
	Total personal auto		10,304.1		9,570.7		8 %
	Total special lines		4,291.1		4,150.0		3 %
		Total Personal Lines	14,595.2		13,720.7		6 %
		Total Commercial Lines	612.7		549.5		12 %
Property business			1,184.7		1,070.2		11 %

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
[phone]

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

To view the complete release, click the attachment below.

Progressive September 2016 Complete Earnings Release

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This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
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