MAYFIELD VILLAGE, OHIO - February 12, 2014 -- The Progressive Corporation (NYSE:PGR) today reported the following results for January 2014:
| (millions, except per share amounts and ratios; unaudited) | January | January | Change | |||||
| 2014 | 2013 | |||||||
| Net premiums written | $ | 1,578.4 | $ | 1,537.8 | 3 % | |||
| Net premiums earned | $ | 1,674.5 | $ | 1,589.6 | 5 % | |||
| Net income | $ | 155.8 | $ | 134.2 | 16 % | |||
| Per share | $ | .26 | $ | .22 | 17 % | |||
| Total pretax net realized gains (losses) on securities | ||||||||
| (including net impairment losses) | $ | 75.1 | $ | 42.4 | 77 % | |||
| Combined ratio | 91.7 | 91.1 | .6 pts. | |||||
| Average diluted equivalent shares | 598.7 | 605.0 | (1) % | |||||
| (thousands; unaudited) | January | January | ||||||
| 2014 | 2013 | Change | ||||||
| Policies in Force: | ||||||||
| Agency - auto | 4,838.4 | 4,768.3 | 1 % | |||||
| Direct - auto | 4,253.3 | 3,997.5 | 6 % | |||||
| Total personal auto | 9,091.7 | 8,765.8 | 4 % | |||||
| Total special lines | 3,977.8 | 3,935.5 | 1 % | |||||
| Total Personal Lines | 13,069.5 | 12,701.3 | 3 % | |||||
| Total Commercial Lines | 510.1 | 517.1 | (1) % | |||||
Progressive is scheduled to hold a one-hour conference call to address questions on Friday, February 28, 2014, at 9:00 a.m., eastern time, subsequent to the posting of our 2013 Shareholders' Report online and the filing of our 2013 Annual Report on Form 10-K with the SEC. Registration for the teleconference and webcast is available at
http://investors.progressive.com/phoenix.zhtml?c=81824&p=irol-calendar.
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 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®, 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:
Matt Downing
(440) 395-4222
The Progressive Corporation
6300 Wilson Mills Road
Mayfield Village, Ohio 44143
http://www.progressive.com
To view the complete release, click the attachment below.