trending Market Intelligence /marketintelligence/en/news-insights/trending/fbTSFf3oCcT--OxL3NV9Pw2 content esgSubNav
In This List

Progressive posts higher Q4'16 net income YOY

Blog

Insurance Underwriting Transformed How Insurers Can Harness Probability of Default Models for Smarter Credit Decisions

Blog

The World's Largest P&C Insurers, 2023

Blog

The Worlds Largest Life Insurers, 2023

Blog

Essential IR Insights Newsletter Fall - 2023


Progressive posts higher Q4'16 net income YOY

Progressive Corp. reported fourth-quarter 2016 net income attributable to the company of $383.2 million, or 66 cents per share, up from $330.4 million, or 56 cents per share, in the year-ago quarter.

The S&P Capital IQ consensus GAAP EPS estimate for the quarter was 56 cents.

Net premiums written for the quarter rose 15% year over year to $5.55 billion from $4.84 billion. Net premiums earned increased 14% year over year to $5.87 billion from $5.17 billion.

The company recorded total pretax net realized gains on securities, including net impairment losses, of $22.1 million, up 13% from $19.5 million in the year-ago quarter.

Progressive's combined ratio for the quarter was 92.7%, compared to 92.0% in the prior-year quarter.

For December 2016, net income attributable to the company was $161.9 million, or 28 cents per share, up 13% from $143.7 million, or 24 cents per share, in December 2015.

Net premiums written rose 16% year over year to $1.61 billion in December 2016 from $1.39 billion. Net premiums earned were $1.83 billion in December 2016, up 14% from $1.60 billion in December 2015.

Total pretax net realized losses on securities, including net impairment losses, were $21.8 million in December 2016, compared with net realized gains of $3.5 million in December 2015.

The insurer's combined ratio for December 2016 was 88.9%, versus 88.4% in December 2015.

Progressive's personal auto policies in force in December 2016 grew 8% year over year to 10.4 million from 9.7 million. Special lines policies in force were 4.3 million in December 2016, up 4% from 4.1 million in December 2015. Personal lines policies in force totaled 14.7 million in December 2016, up 6% from 13.8 million in December 2015. The company's total commercial lines policies in force increased 9% to 607,900 in December 2016 from 555,800 in December 2015. Property business policies in force were 1.2 million in December 2016, up 12% from 1.1 million in December 2015.