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Progressive's net income rises in November; board declares annual dividend

Progressive Corp. recorded net income attributable to the company of $306.1 million in November, up from $242.4 million a year ago.

Net income per share available to common shareholders came in at 52 cents, versus 41 cents in November 2018.

Total pretax net realized gains on securities jumped year over year to $150.3 million from $18.5 million. Net premiums written increased to $2.60 billion from $2.33 billion, while net premiums earned rose to $2.85 billion from $2.53 billion.

Personal lines policies in force climbed to 19.4 million from 17.7 million in the prior year. Personal auto policies in force went up to 14.8 million from 13.3 million. Companywide, policies in force were up to about 22.3 million from 20.3 million.

Progressive's combined ratio, however, worsened to 94.1% from 91.3%.

Separately, Progressive's board of directors declared a quarterly dividend of 10 cents per share and an annual common share dividend of $2.25 per share. The aggregate common share dividend of $2.35 per share is payable Jan. 15, 2020, to shareholders of record as of Jan. 8, 2020. The board is expected to continue to target a quarterly dividend of 10 cents per share for 2020.

The board also set the close of business on March 13, 2020, as the record date for the determination of shareholders entitled to notice of, and to vote at, Progressive's annual meeting of shareholders, which will be held on May 8, 2020.