Progressive Reports December Results and Annual Dividend Amount

Fri Jan 18, 2013 8:12am EST

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MAYFIELD VILLAGE, Ohio--(Business Wire)--
The Progressive Corporation today reported the following results for December
and the fourth quarter 2012:

                                                                                                                                                                                                         
                                                                                                 Month                                                 Quarter                                           
 (millions, except per share amounts and ratios; unaudited)                                      2012                2011                Change        2012                2011                Change    
                                                                                                                                                                                                         
 Net premiums written                                                                            $    1,137.5        $    1,011.5        12 %          $    3,839.3        $    3,538.1        9 %       
 Net premiums earned                                                                             $    1,266.1        $    1,164.7        9 %           $    4,105.6        $    3,776.9        9 %       
 Net income                                                                                      $    95.1           $    76.3           25 %          $    249.1          $    256.7          (3)%      
 Per share                                                                                       $    .16            $    .12            26 %          $    .41            $    .42            (2)%      
 Total pretax net realized gains (losses) on securities (including net impairment losses)        $    27.6           $    (23.1)         NM            $    62.1           $    29.5           111 %     
 Combined ratio                                                                                       93.5                91.2           2.3 pts.           94.6                93.0           1.6 pts.  
 Average equivalent shares                                                                            605.5               611.6          (1)%               605.4               613.4          (1)%      
                                                                                                                                                                                                         
 NM = Not Meaningful                                                                                                                                                                                     


                                                                                     
 (thousands; unaudited)                           December      December             
                                                  2012          2011         Change  
 Policies in Force:                                                                  
 Agency - auto                                    4,790.4       4,648.5      3 %     
 Direct - auto                                    4,000.1       3,844.5      4 %     
           Total personal auto                    8,790.5       8,493.0      4 %     
           Total special lines                    3,944.8       3,790.8      4 %     
                       Total Personal Lines       12,735.3      12,283.8     4 %     
                       Total Commercial Auto      519.6         509.1        2 %     
                                                                                     


On December 7, 2012, the Board of Directors declared an annual variable dividend
to be paid on February 1, 2013, to shareholders of record at the close of
business on January 25, 2013 (ex-dividend date of January 23, 2013). The amount
of the dividend is $.2845 per common share, or an estimated $172.0 million in
the aggregate, and is reflected in our 2012 financial statements. 

Progressive is scheduled to hold a one-hour conference call to address questions
on Thursday, February 28, 2013, at 9:00 a.m., eastern time, subsequent to the
posting of our 2012 Shareholders` Report online and the filing of our 2012
Annual Report on Form 10-K with the SEC. Registration for the teleconference and
webcast will be available at
http://investors.progressive.com/phoenix.zhtml?c=81824&p=irol-calendar in
February 2013. 

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

Copyright Business Wire 2013

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