Progressive Reports January Results

Progressive Reports January Results

MAYFIELD VILLAGE, Ohio--(BUSINESS WIRE)-- The Progressive Corporation today reported the following results for January 2013:

                         
(millions, except per share amounts and ratios; unaudited)     January     January     Change
2013 2012
 
Net premiums written $ 1,537.8 $ 1,458.3 5 %
Net premiums earned $ 1,589.6 $ 1,463.5 9 %
Net income $ 134.2 $ 75.0 79 %
Per share $ .22 $ .12 81 %

Total pretax net realized gains (losses) on securities (including net impairment losses)

$ 42.4 $ 11.9 256 %
Combined ratio 91.1 94.9 (3.8) pts.
Average diluted equivalent shares 605.0 610.5 (1)%
                       
                     
(thousands; unaudited)     January     January    
    2013 2012 Change

Policies in Force:

Agency - auto 4,768.3 4,688.0 2 %
Direct - auto 3,997.5 3,888.1 3 %
Total personal auto 8,765.8 8,576.1 2 %
Total special lines 3,935.5 3,788.3 4 %
Total Personal Lines 12,701.3 12,364.4 3 %
Total Commercial Auto 517.1 509.6 1 %
                       

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 is available at http://investors.progressive.com/phoenix.zhtml?c=81824&p=irol-calendar.


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 (NYS: PGR) .

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The Progressive Corporation
Matt Downing, 440-395-4222
http://www.progressive.com

KEYWORDS:   United States  North America  Ohio

INDUSTRY KEYWORDS:

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