Progress Corp Oh Stock Price, News & Analysis

The Progressive Corporation (NYSE:PGR) announced its financial results for September 2021 and the third quarter of 2021. Key highlights include a 15% increase in net premiums written at $4,004 million compared to $3,468 million in 2020. Net premiums earned also rose by 14%, totaling $3,537.5 million. However, the company reported a net loss of $130.3 million, contrasting with a profit of $231.4 million in the same period last year. The combined ratio for the quarter was 100.1, indicating a slight deterioration from 88.3 in the previous year.

Progressive Insurance has appointed Remi Kent as the new Chief Marketing Officer, effective November 1, 2021. Kent previously served as the Global Chief Marketing Officer at 3M, overseeing e-commerce and marketing strategies. She succeeds Jeff Charney, who announced his retirement in March 2021. Kent is noted for her extensive experience and commitment to diversity and inclusion, having held various leadership roles at 3M and Procter & Gamble. The leadership change aims to strengthen the brand's growth and innovation initiatives.

The Progressive Corporation (NYSE:PGR) reported mixed results for August 2021. Net premiums written increased by 13% year-over-year, totaling $3,890.9 million, while net premiums earned rose by 14% to $3,513.8 million. However, the company reported a net loss of $6.6 million, a significant decline from a profit of $487.4 million a year earlier, resulting in a loss per share of $0.02. The combined ratio worsened to 105.3 from 92.6, indicating increased underwriting losses. Conversely, total pretax net realized gains on securities dropped by 60%, totaling $131.5 million, down from $330.9 million.

AM Best has upgraded the Long-Term Issuer Credit Ratings for Protective Insurance Corporation Group and its subsidiaries to “a+” and affirmed the Financial Strength Rating of A. This upgrade follows Progressive Corporation's acquisition of Protective, valued at approximately $338 million. The ratings reflect Protective's strong balance sheet and improved operating performance since 2018, supported by recent corrective measures including strengthening loss reserves. The outlook for these ratings is stable, indicating confidence in Protective's integration and future prospects under Progressive's management.

The Progressive Corporation (NYSE:PGR) reported its July 2021 financial results, highlighting a net premium written of $4,551.6 million, an 11% increase from July 2020. Net premiums earned reached $4,313.5 million, reflecting a 14% growth year-over-year. However, net income decreased significantly by 69% to $255.4 million compared to $812 million in the previous year. The combined ratio deteriorated to 96.7% from 83.5%, indicating increased losses. Despite these challenges, policies in force for personal lines showed a healthy 9% growth.

The Progressive Corporation (NYSE:PGR) declared a $0.10 dividend per common share, payable on October 15, 2021, to shareholders on record by October 7, 2021, with an ex-dividend date of October 6, 2021.

Additionally, a dividend of $26.875 per Series B Preferred Share, totaling $13.4 million, will be distributed on September 15, 2021, to holders of record by August 31, 2021.

The Progressive Corporation (NYSE: PGR) will host an Investor Relations event on August 4, 2021, starting at 9:30 a.m. ET. The event features a 45-minute presentation on Commercial Lines followed by a Q&A session with CEO Tricia Griffith and CFO John Sauerland. Participants can join via conference call or live webcast. Progressive will also file its Quarterly Report on Form 10-Q on August 3, 2021. Presentation slides will be available shortly before the event starts. Replay options for the conference call will be offered post-event.

The Progressive Corporation (NYSE:PGR) reported robust growth in net premiums written for June 2021, totaling $3,627.3 million, a 13% increase year-over-year. Net premiums earned reached $3,459.9 million, up 14% from 2020. However, net income saw a significant decline of 72%, falling to $132.8 million from $470.9 million in June 2020. The company’s combined ratio increased to 100.5, indicating a loss on underwriting operations. The results for the quarter also reflect a similar trend, with total net income down 56% compared to the previous year, attributed partly to the acquisition of Protective Insurance Corporation.

Progressive Insurance plans to hire up to 6,400 new employees in 2021 to support growth, following $42 billion in total revenues for 2020. The hiring will focus on claims, customer care, technology, and legal positions across the country, including 3,000 remote Call Center jobs. Progressive emphasizes promoting from within, filling over 80% of jobs at levels above entry. Employee benefits include medical, dental, and four weeks of paid parental leave. The company's commitment to its staff underlines its culture and stability.