MAYFIELD VILLAGE, OHIO, Dec. 04, 2020 (GLOBE NEWSWIRE) -- The Board of Directors of The Progressive Corporation (PGR) - Get Progressive Corporation Report today declared a quarterly common share dividend, in the amount of $0.10 per share and an annual common share dividend, in the amount of $4.50 per share. The aggregate common share dividend of $4.60 per share is payable January 15, 2021, to shareholders of record at the close of business on January 8, 2021 (ex-dividend date of January 7, 2021). The Board is expected to continue to target the quarterly dividend to be approximately $0.10 per common share for 2021. The 2020 annual dividend amount was determined by the Board based on our capital position, existing capital resources, and expected current and future capital needs.
In addition, the Board declared a dividend on our outstanding Series B Fixed-to-Floating Rate Cumulative Perpetual Serial Preferred Shares in the amount of $26.875 per Series B Share, or $13.4 million in the aggregate. The dividend, which is based on the annual rate of 5.375% of the stated amount of $1,000 per Series B Share, will be paid on March 15, 2021, to shareholders of record at the close of business on March 1, 2021.
The Board also set the close of business on March 12, 2021, as the record date for the determination of shareholders entitled to notice of, and to vote at, Progressive's Annual Meeting of Shareholders, which will be held on May 7, 2021. 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 us whenever, wherever and however it's most convenient - online at progressive.com, by phone at 1-800-PROGRESSIVE, on a mobile device or in-person with a local agent.
Progressive provides insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes; it is the third largest auto insurer in the country, a leading seller of motorcycle and commercial auto insurance, and one of the top 15 homeowners insurance carriers.
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 HomeQuote Explorer ®.
The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, trade publicly at NYSE:PGR.
Company Contact:Douglas S. Constantine(440) 910-3563The Progressive Corporation6300 Wilson Mills RoadMayfield Village, Ohio 44143 http://www.progressive.com