Progressive Reports June Results

The Progressive Corporation today reported the following results for June and the second quarter 2012:
    Month       Quarter
(millions, except per share amounts and ratios; unaudited)   2012     2011     Change       2012     2011     Change
 
Net premiums written $ 1,239.7 $ 1,162.0 7 % $ 4,129.1 $ 3,837.0 8 %
Net premiums earned $ 1,237.9 $ 1,144.5 8 % $ 3,996.1 $ 3,719.9 7 %
Net income $ 13.5 $ 53.1 (75 )% $ 118.6 $ 245.2 (52 )%
Per share $ .02 $ .08 (73 )% $ .19 $ .38 (49 )%

Pretax net realized gains (losses) on securities (including net impairment losses)
$ .5 $ 1.8 (72 )% $ (4.7 ) $ 26.0 NM
Combined ratio 100.9 96.3 4.6 pts. 97.6 93.4 4.2 pts.
Average equivalent shares 608.5 643.2 (5 )% 608.9 647.9 (6 )%
 
NM = Not Meaningful                                            
 
(thousands; unaudited) June June Change
2012 2011

Policies in Force:
Agency – auto 4,884.2 4,608.2 6 %
Direct – auto 4,036.5 3,771.3 7 %
Total personal auto 8,920.7 8,379.5 6 %
Total special lines 3,972.0 3,796.8 5 %
Total Personal Lines 12,892.7 12,176.3 6 %
Total Commercial Auto 525.0 512.0 3 %
                   

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

We have recently rebuilt our investor website and are now able to alert investors and analysts when new financial releases, calendar entries, or other pertinent information has been added to the site. Please sign up at  http://investors.progressive.com/phoenix.zhtml?c=81824&p=irol-alerts.

About Progressive

Celebrating its 75 th 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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