Apr. 14, 2011 (Business Wire) -- The Progressive Corporation today reported the following results for March and the first quarter 2011:
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| | | | | | Month | | | Quarter |
(millions, except per share
amounts and ratios; unaudited) | | | | | 2011 | | | 2010 | | | Change | | | 2011 | | | 2010 | | | Change |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net premiums written | | | | | $ | | 1,222.1 | | | $ | | 1,192.6 | | | 2 % | | | $ | | 3,900.0 | | | $ | | 3,777.5 | | | 3 % |
| Net premiums earned | | | | | $ | | 1,140.7 | | | $ | | 1,092.1 | | | 4 % | | | $ | | 3,665.3 | | | $ | | 3,501.1 | | | 5 % |
| Net income | | | | | $ | | 136.2 | | | $ | | 126.3 | | | 8 % | | | $ | | 362.9 | | | $ | | 295.6 | | | 23 % |
| Per share | | | | | $ | | .21 | | | $ | | .19 | | | 10 % | | | $ | | .55 | | | $ | | .44 | | | 25 % |
| Pretax net realized gains (losses) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| on securities (including net | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| impairment losses) | | | | | $ | | 43.8 | | | $ | | 27.0 | | | 62 % | | | $ | | 99.7 | | | $ | | 30.8 | | | 224 % |
| Combined ratio | | | | | | | 88.8 | | | | | 88.2 | | | .6 pts. | | | | | 90.3 | | | | | 90.9 | | | (.6) pts. |
| Average equivalent shares | | | | | | | 654.1 | | | | | 665.9 | | | (2)% | | | | | 655.8 | | | | | 666.4 | | | (2)% |
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| (in thousands; unaudited) | | | | | March | | | March | | | Change | | | |
| | | | | 2011 | | | 2010 | | | | | |
Policies in Force: | | | | | | | | | | | | | | |
| Agency – Auto | | | | | 4,581.3 | | | 4,416.7 | | | 4 % | | | |
| Direct – Auto | | | | | 3,722.2 | | | 3,394.9 | | | 10 % | | | |
| Total Personal Auto | | | | | 8,303.5 | | | 7,811.6 | | | 6 % | | | |
| Total Special Lines | | | | | 3,645.5 | | | 3,479.0 | | | 5 % | | | |
| Total Personal Lines | | | | | 11,949.0 | | | 11,290.6 | | | 6 % | | | |
| Total Commercial Auto | | | | | 506.5 | | | 510.8 | | | (1)% | | | |
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See the complete release at http://investors.progressive.com/pdf/mreport-0311.pdf for further information. If you experience technical difficulties using this link, please e-mail 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.progressivedirect.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 DiscountSM, 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
Clark Khayat, 440-395-2291