Insurance Technology Industry News

TMCNet:  Progressive Reports November Results

[December 12, 2012]

Progressive Reports November Results

MAYFIELD VILLAGE, Ohio --(Business Wire)--

The Progressive Corporation today reported the following results for November 2012:



                               
(millions, except per share amounts and ratios; unaudited)       November       November       Change
2012 2011
 
Net premiums written $ 1,129.9 $ 1,071.9 5 %
Net premiums earned $ 1,264.3 $ 1,163.7 9 %
Net income $ 77.7 $ 124.7 (38)%
Per share $ .13 $ .20 (37)%

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

$ 10.2 $ 42.1 (76)%
Combined ratio 93.6 90.1 3.5 pts.
Average diluted equivalent shares 605.4 612.7 (1)%
                             
 
                                 
(thousands; unaudited)         November         November        
    2012 2011 Change

Policies in Force:

Agency - auto 4,807.6 4,653.5 3 %
Direct - auto 4,001.3 3,851.4 4 %
Total personal auto 8,808.9 8,504.9 4 %
Total special lines 3,956.1 3,805.2 4 %
Total Personal Lines 12,765.0 12,310.1 4 %
Total Commercial Auto 522.0 511.4 2 %
                                   

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

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).


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