MAYFIELD VILLAGE, OHIO - July 10, 2014 -- The Progressive Corporation (PGR) today reported the following results for June and the second quarter 2014:
| Month | Quarter | |||||||||||||||||||
| (millions, except per share amounts and ratios; unaudited) | 2014 | 2013 | Change | 2014 | 2013 | Change | ||||||||||||||
| Net premiums written | $ | 1,378.5 | $ | 1,323.5 | 4 | % | $ | 4,627.7 | $ | 4,387.1 | 5 | % | ||||||||
| Net premiums earned | $ | 1,394.3 | $ | 1,321.2 | 6 | % | $ | 4,513.5 | $ | 4,277.0 | 6 | % | ||||||||
| Net income | $ | 48.5 | $ | 68.4 | (29) | % | $ | 293.4 | $ | 324.6 | (10) | % | ||||||||
| Per share | $ | .08 | $ | .11 | (28) | % | $ | .49 | $ | .54 | (8) | % | ||||||||
| Total pretax net realized gains (losses) on | ||||||||||||||||||||
| securities (including net impairment losses) | $ | 15.2 | $ | 23.5 | (35) | % | $ | 40.4 | $ | 132.9 | (70) | % | ||||||||
| Combined ratio | 97.8 | 96.0 | 1.8 pts. | 92.6 | 93.3 | (.7) pts. | ||||||||||||||
| Average diluted equivalent shares | 595.0 | 603.4 | (1) | % | 595.5 | 603.6 | (1) | % | ||||||||||||
| (thousands; unaudited) | June | June | |||
| 2014 | 2013 | Change | |||
| Policies in Force: | |||||
| Agency - auto | 4,872.7 | 4,849.3 | 0 % | ||
| Direct - auto | 4,423.9 | 4,134.6 | 7 % | ||
| Total personal auto | 9,296.6 | 8,983.9 | 3 % | ||
| Total special lines | 4,064.3 | 4,023.9 | 1 % | ||
| Total Personal Lines | 13,360.9 | 13,007.8 | 3 % | ||
| Total Commercial Lines | 516.5 | 526.6 | (2) % | ||
We are currently scheduled to hold a one-hour conference call to address questions on Thursday, July 31, 2014 at 9:00 a.m., eastern time, subsequent to the posting of our Shareholders` Report online and the filing of our Quarterly Report on Form 10-Q with the SEC. Registration for the teleconference and webcast will soon be available at http://investors.progressive.com/phoenix.zhtml?c=81824&p=irol-calendar.
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 it whenever, wherever, and however it`s most convenient-online at http://www.progressive.com, by phone at 1-800-PROGRESSIVE, on a mobile device 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®, Snapshot®, and Service Centers.