PGR
$47.83
Progressive
($.15)
(.31%)
Earnings Details
2nd Quarter June 2017
Tuesday, July 18, 2017 8:01:30 AM
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Summary

Progressive Misses

Progressive (PGR) reported 2nd Quarter June 2017 earnings of $0.59 per share on revenue of $6.6 billion. The consensus earnings estimate was $0.60 per share on revenue of $6.5 billion. The Earnings Whisper number was $0.60 per share. Revenue grew 13.5% on a year-over-year basis.

Progressive Corp is an insurance holding company, whose subsidiaries provides personal and commercial automobile insurance and other property-casualty insurance and related services throughout the United States.

Results
Reported Earnings
$0.59
Earnings Whisper
$0.60
Consensus Estimate
$0.60
Reported Revenue
$6.61 Bil
Revenue Estimate
$6.54 Bil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Progressive Reports June 2017 Results

MAYFIELD VILLAGE, OHIO - July 18, 2017 -- The Progressive Corporation (PGR) today reported the following results for June 2017 and the second quarter 2017:

June
Quarter
(millions, except per share amounts and ratios; unaudited) 2017
2016
Change
2017
2016
Change
Net premiums written1
$
2,028.9
$
1,860.6
9
%
$
6,746.1
$
5,934.6
14
%
Net premiums earned
$
1,971.2
$
1,741.8
13
%
$
6,313.3
$
5,561.8
14
%
Net income attributable to Progressive
$
89.6
$
60.5
48
%
$
367.6
$
190.9
93
%
Per share
$
0.15
$
0.10
48
%
$
0.63
$
0.33
93
%
Total pretax net realized gains (losses) on
securities (including net impairment losses)
$
5.4
$
(0.4)
NM
$
32.1
$
32.3
(1)
%
Combined ratio
95.3
96.0
(0.7) pts.
93.2
96.8
(3.6) pts.
Average diluted equivalent shares
584.0
584.8
0
%
583.8
585.1
0
%

1 Our June 2016 net premiums written included $70.3 million related to the termination of a 10% quota share reinsurance agreement in our Property business. Adjusting for the termination, the change in net premiums written would have been 13% for the month and 15% for the second quarter.

NM = Not Meaningful

(thousands; unaudited)
June
June
2017
2016
Change
Policies in Force
Vehicle businesses:
Agency - auto
5,350.3
4,937.6
8 %
Direct - auto
5,692.6
5,284.4
8 %
Total personal auto
11,042.9
10,222.0
8 %
Total special lines
4,356.3
4,257.3
2 %
Total Personal Lines
15,399.2
14,479.3
6 %
Total Commercial Lines 625.7
600.3
4 %
Property business
1,311.1
1,177.0
11 %

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 http://www.progressive.com,">http://www.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. Home insurance is underwritten by select carriers, including American Strategic Insurance Corp. and subsidiaries (ASI), our majority owned subsidiaries.

Progressive is the fourth largest auto insurer in the country; a leading seller of motorcycle and commercial auto insurance; and through ASI, one of the top 20 homeowners 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(R), Snapshot(R) and Service Centers.

The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, trade publicly at NYSE:PGR.

Company Contact:

Julia Hornack

(440) 395-2164

The Progressive Corporation

6300 Wilson Mills Road

Mayfield Village, Ohio 44143

http://www.progressive.com

To view the complete release, click the attachment below.

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: The Progressive Corporation via Globenewswire

Progressive June 2017 Complete Earnings Release - http://hugin.info/152879/R/2120964/808108.pdf