Progressive Reports March Results

The Progressive Corporation today reported the following results for March and the first quarter 2012:
       
        Month   Quarter
(millions, except per share amounts and ratios; unaudited) 2012   2011   Change 2012   2011   Change
 
Net premiums written $ 1,325.0 $ 1,222.1 8 % $ 4,162.5 $ 3,900.0 7 %
Net premiums earned $ 1,209.0 $ 1,140.7 6 % $ 3,861.5 $ 3,665.3 5 %
Net income $ 76.3 $ 136.2 (44)% $ 257.6 $ 362.9 (29)%
Per share $ .13 $ .21 (40)% $ .42 $ .55 (24)%

Pretax net realized gains (losses) on securities (including net impairment losses)
$ 36.2 $ 43.8 (17)% $ 77.5 $ 99.7 (22)%
Combined ratio 96.0 88.8 7.2 pts. 94.1 90.3 3.8 pts.
Average equivalent shares 609.8 654.1 (7)% 610.0 655.8 (7)%
 
(thousands; unaudited)   March   March   Change
    2012 2011

Policies in Force:
Agency – auto 4,816.6 4,581.3 5 %
Direct – auto 3,987.5 3,722.2 7 %
Total personal auto 8,804.1 8,303.5 6 %
Total special lines 3,852.3 3,645.5 6 %
Total Personal Lines 12,656.4 11,949.0 6 %
Total Commercial Auto 513.8 506.5 1 %
 

See the complete release at http://investors.progressive.com/pdf/mreport-0312.pdf for further information. If you experience technical difficulties using this link, please email investor_relations@progressive.com and a PDF of the release will be sent to you promptly.

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 for them—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. We’re 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).

Copyright Business Wire 2010

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