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Progressive Corp. Announces 25M Share Buyback, Declares $0.10 Dividend, Reports Q1 Results

May 18, 2022 08:54
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On May 13, 2022, the Board of Directors of The Progressive Corporation (NYSE:PGR) declared a $0.10 per common share dividend, payable July 15, 2022, to shareholders of record at the close of business on July 7, 2022 (ex-dividend date of July 6, 2022). The Board also renewed the Company’s authorization to repurchase up to 25 million of its common shares. This authorization, which does not have an expiration date, replaced the prior authorization, which was terminated.

The Company today reported the following results for April 2022:

April
(millions, except per share amounts and ratios; unaudited) 2022 2021 Change
Net premiums written$4,820.7 $4,450.6 8%
Net premiums earned$4,614.1 $4,133.6 12%
Net income (loss)$(198.3) $316.2 (163)%
Per share available to common shareholders$(0.34) $0.54 (164)%
Total pretax net realized gains (losses) on securities$(524.5) $191.3 (374)%
Combined ratio 95.5 96.0 (0.5) pts.
Average equivalent common shares 584.3 586.8 0%

April
(thousands; unaudited)2022 2021 Change
Policies in Force
Personal Lines
Agency – auto7,702.3 7,951.8 (3)%
Direct – auto9,537.7 9,478.6 1%
Total personal auto17,240.0 17,430.4 (1)%
Total special lines5,392.0 5,106.7 6%
Total Personal Lines22,632.0 22,537.1 0%
Total Commercial Lines1,012.3 881.2 15%
Total Property business2,812.8 2,601.2 8%
Companywide Total26,457.1 26,019.5 2%

See Progressive’s complete monthly earnings release for additional information.

About Progressive

Progressive Insurance® makes it easy to understand, buy and use car insurance, home insurance, and other protection needs. 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 car 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) 395-3707
investor_relations@progressive.com

The Progressive Corporation
6300 Wilson Mills Road
Mayfield Village, Ohio 44143
https://www.progressive.com

Progressive April 2022 Complete Earnings Release: Download PDF


Progressive Corp. Announces 25M Share Buyback, Declares $0.10 Dividend, Reports Q1 Results
 

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