MAYFIELD VILLAGE, OHIO - December 11, 2013 -- The Progressive Corporation (NYSE:PGR) today reported the following results for November 2013:
| | | | | | | | | |
| | (millions, except per share amounts and ratios; unaudited) | November | | November | | Change |
| | | 2013 | | 2012 | |
| | | | | | | | | |
| | Net premiums written | $ | 1,194.8 | | $ | 1,129.9 | | 6 % |
| | Net premiums earned | $ | 1,337.7 | | $ | 1,264.3 | | 6 % |
| | Net income | $ | 97.6 | | $ | 77.7 | | 26 % |
| | Per share | $ | .16 | | $ | .13 | | 26 % |
| | Total pretax net realized gains (losses) on securities | | | | | | | |
| | (including net impairment losses) | $ | 46.0 | | $ | 10.2 | | 351 % |
| | Combined ratio | | 94.7 | | | 93.6 | | 1.1 pts. |
| | Average diluted equivalent shares | | 603.0 | | | 605.4 | | 0 % |
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| | | | | | | | | |
| | (thousands; unaudited) | November | | November | | |
| | | | | 2013 | 2012 | Change |
| | Policies in Force: | | | | | |
| | Agency - auto | 4,855.7 | | 4,807.6 | | 1 % |
| | Direct - auto | 4,221.3 | | 4,001.3 | | 5 % |
| | | Total personal auto | 9,077.0 | | 8,808.9 | | 3 % |
| | | Total special lines | 4,004.8 | | 3,956.1 | | 1 % |
| | | | Total Personal Lines | 13,081.8 | | 12,765.0 | | 2 % |
| | | | Total Commercial Lines | 519.3 | | 522.0 | | (1) % |
| | | | | | | | | |
On December 9, 2013, the Board of Directors declared both a special cash dividend and an annual variable dividend, consistent with our published policy of returning capital to our shareholders when appropriate and our annual variable dividend policy. Both dividends will be paid together on February 7, 2014, to shareholders of record at the close of business on January 29, 2014 (ex-dividend date of January 27, 2014). The amount of the special dividend will be $1.00 per Common Share and the amount of the annual dividend will be announced in our year-end earnings release which is currently scheduled for January 22, 2014 and will be determined based on the Company's 2013 financial results using a formula based on our annual dividend policy which can be found at: http://investors.progressive.com/phoenix.zhtml?c=81824&p=irol-dividends.
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
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Source: The Progressive Corporation via Globenewswire
HUG#1749058