The Progressive Corporation : Progressive Reports December Results and Annual Dividend Amount
01/19/2012 | 08:55am
The Progressive Corporation today reported the following results for
December and the fourth quarter 2011:
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Month
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Quarter
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(millions, except per share amounts and ratios; unaudited)
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2011
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2010
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Change
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2011
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2010
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Change
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Net premiums written
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$
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1,011.5
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$
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929.1
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9 %
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$
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3,538.1
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$
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3,276.0
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8 %
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Net premiums earned
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$
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1,164.7
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$
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1,112.6
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5 %
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$
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3,776.9
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$
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3,623.6
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4 %
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Net income
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$
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76.3
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$
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112.8
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(32)%
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$
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256.7
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$
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299.2
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(14)%
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Per share
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$
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.12
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$
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.17
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(27)%
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$
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.42
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$
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.45
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(8)%
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Pretax net realized gains (losses)
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on securities (including net
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impairment losses)
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$
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(23.1)
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$
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22.9
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NM
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$
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29.5
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$
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77.9
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(62)%
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Combined ratio
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91.2
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92.2
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(1.0) pts.
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93.0
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93.1
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(.1) pts.
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Average equivalent shares
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611.6
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659.2
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(7)%
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613.4
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659.7
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(7)%
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NM = Not Meaningful
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(in thousands; unaudited)
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December
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December
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Change
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2011
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2010
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Policies in Force:
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Agency - Auto
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4,648.5
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4,480.1
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4 %
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Direct - Auto
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3,844.5
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3,610.4
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6 %
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Total Personal Auto
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8,493.0
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8,090.5
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5 %
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Total Special Lines
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3,790.8
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3,612.2
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5 %
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Total Personal Lines
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12,283.8
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11,702.7
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5 %
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Total Commercial Auto
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509.1
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510.4
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0 %
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On December 9, 2011, the Board of Directors declared an annual variable
dividend to be paid on February 3, 2012, to shareholders of record at
the close of business on January 26, 2012 (ex-dividend date of January
24, 2012). The amount of the dividend is $.4072 per common share, or an
estimated $249.6 million in the aggregate, and is reflected in our 2011
financial statements.
Progressive is scheduled to hold a one-hour conference call to address
questions on Thursday, March 1, 2012, at 9:00 a.m., eastern time,
subsequent to the posting of our 2011 Shareholders' Report online and
the filing of our 2011 Annual Report on Form 10-K with the SEC.
Registration for the teleconference and webcast will be available at http://investors.progressive.com/events.aspx
in February 2012.
See the complete release at http://investors.progressive.com/pdf/mreport-1211.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).
The Progressive Corporation
Matt Downing, 440-395-4222
http://www.progressive.com
© Business Wire 2012
