Progress Corp Oh Stock Price, News & Analysis

Progressive Corporation announced an agreement to acquire Protective Insurance Corporation for $23.30 per share, totaling approximately $338 million. The transaction, unanimously approved by Protective's Board, is expected to close by Q3 2021, pending regulatory and shareholder approvals. This acquisition will enhance Progressive’s commercial auto insurance capabilities, particularly in larger fleet and workers’ compensation coverage. Protective shareholders will receive a 49.1% premium based on recent stock prices.

The Progressive Corporation (NYSE:PGR) reported its December 2020 and Q4 2020 results, indicating a decline in net premiums written by 16% to $2.79 billion in December, while Q4 net premiums written fell by 1% to $9.54 billion. Net premiums earned saw an 11% decrease in December, totaling $3.16 billion, and a 3% increase in Q4 to $10.21 billion. Despite these drops, net income attributable to Progressive surged 53% to $706 million in December and increased 57% to $1.68 billion in Q4. The company also recorded a significant improvement in total pretax net realized gains on securities, up 172% to $340.9 million in December.

The Progressive Corporation (NYSE:PGR) reported strong financial results for November 2020, showcasing a significant year-over-year growth in key metrics. Net premiums written reached $2,957.9 million, marking a 14% increase from $2,596.1 million in 2019. Net premiums earned also rose by 11% to $3,150.8 million. The net income attributable to Progressive surged to $739.8 million, up 142% from $306.1 million in the previous year. Additionally, the per share earnings rose to $1.26, reflecting strong financial health.

Progressive, a leader in commercial auto insurance, has launched Snapshot ProView®, a voluntary usage-based insurance (UBI) and fleet management program for small businesses. Enrolled customers can save a minimum of 5% on their Progressive Commercial Auto policy, with potential savings reaching up to 18% based on vehicle type and usage. The program includes real-time tracking, geofencing, and personalized safety insights, promoting safe driving. Snapshot ProView complements Progressive's existing Smart Haul® program, using extensive data analytics to enhance fleet efficiency and insurance cost management.

The Progressive Corporation (NYSE:PGR) declared a quarterly dividend of $0.10 per share and an annual common share dividend of $4.50 per share, totaling $4.60 per share payable on January 15, 2021. The record date for this dividend is January 8, 2021, with an ex-dividend date of January 7, 2021. Additionally, a dividend of $26.875 per Series B Preferred Share, totaling $13.4 million, will be paid on March 15, 2021. The Board aims to maintain the quarterly dividend at $0.10 for 2021.

The Progressive Corporation (NYSE:PGR) reported its October 2020 financial results, showcasing significant growth in net premiums written and earned. Net premiums written totaled $3,795.3 million, up 4% from $3,655.7 million in 2019, while net premiums earned rose 11% to $3,893.8 million from $3,507.2 million. However, net income attributable to Progressive declined by 22%, reaching $238.5 million compared to $304.7 million in the prior year. The combined ratio improved to 92.6 from 94.0, reflecting better cost management. Total policies in force rose by 11% year-over-year.

On November 9, 2020, The Progressive Corporation's Board of Directors expanded the Board from 12 to 13 members, electing Devin Johnson as the new independent director. Johnson, currently Chief Operating Officer at The SpringHill Company, brings a wealth of experience, including his role as President of UNINTERRUPTED and senior VP at Tribune Media and NBCUniversal. His term is set to expire at the 2021 Annual Meeting of Shareholders. Progressive, a leading auto insurer and financial services company, continues to innovate in customer service and product offerings.

Progressive Insurance announces its eighth annual Keys to Progress vehicle donation event, set for November 5, 2020. This year, 45 veterans will receive reliable transportation, bringing the total to over 750 vehicles donated since 2013. In collaboration with Enterprise Rent-A-Car, the vehicles come insured for six months. The initiative aims to support veterans nationwide, replacing previous physical giveaway events due to COVID-19. Progressive expresses pride in assisting veterans during this challenging year, emphasizing their commitment to community support.

Progressive Corporation (NYSE: PGR) will host an Investor Relations conference call on November 4, 2020, at 9:30 AM ET. The call will last 60 minutes and include a Q&A session with CEO Tricia Griffith and CFO John Sauerland. Participants can ask questions via phone, while the webcast will be listen-only. On November 3, the company will file its Quarterly Report on Form 10-Q and post its Shareholders’ Report on its website. Replays of the conference call will be available shortly after the event, with access until November 5, 2021, for the webcast and until November 20, 2020, for the phone replay.