Progressive Reports September Results

Wed Oct 10, 2012 8:21am EDT

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Progressive Reports September Results

The Progressive Corporation today reported the following results for September and the third quarter 2012:

          Month       Quarter

(millions, except per share amounts
and ratios; unaudited)

        2012     2011     Change       2012     2011     Change
 
Net premiums written $ 1,308.3 $ 1,169.0 12 % $ 4,241.8 $ 3,871.5 10 %
Net premiums earned $ 1,253.8 $ 1,153.0 9 % $ 4,054.8 $ 3,740.7 8 %
Net income $ 76.5 $ 77.1 (1)% $ 277.0 $ 150.7 84 %
Per share $ .13 $ .12 2 % $ .46 $ .24 91 %
Pretax net realized gains (losses)
on securities (including net
impairment losses) $ 13.1 $ (.4) NM $ 171.9 $ (52.6) NM
Combined ratio 94.0 92.4 1.6 pts. 95.9 95.2 .7 pts.
Average equivalent shares 605.0 623.4 (3)% 606.5 631.4 (4)%
 
NM = Not Meaningful
 
               
(thousands; unaudited) September September Change
2012 2011

Policies in Force:

Agency – auto 4,846.5 4,612.2 5 %
Direct – auto 4,018.9 3,801.1 6 %
Total personal auto 8,865.4 8,413.3 5 %
Total special lines 3,994.2 3,837.7 4 %
Total Personal Lines 12,859.6 12,251.0 5 %
Total Commercial Auto 526.5 513.8 2 %
 

See the complete release at http://investors.progressive.com/phoenix.zhtml?c=81824&p=irol-finRel for further information.

Progressive is scheduled to hold a one-hour conference call to address questions on Friday, November 2, 2012 at 9:00 a.m., eastern time, subsequent to the posting of our Shareholder’s Report online and the filing with the SEC of our Quarterly Report on Form 10-Q for the third quarter. Registration for the teleconference and webcast is available at http://investors.progressive.com/phoenix.zhtml?c=81824&p=irol-calendar.

About Progressive
Celebrating its 75th anniversary in 2012, 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, 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®, the Snapshot Discount®, and a concierge level of claims service.

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

The Progressive Corporation
Matt Downing, 440-395-4222

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