GlobeNewswire Inc | Jan 27, 2021 08:32AM EST

January 27, 2021

MAYFIELD VILLAGE, OHIO, Jan. 27, 2021 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for December 2020 and the fourth quarter of 2020:

December Quarter (millions,except per 2020 2019 Change^1 2020 2019 Change^1shareamounts andratios; unaudited)Net premiums $ 2,789.1 $ 3,338.5 (16 ) % $ 9,542.3 $ 9,590.3 (1 ) %writtenNet premiums $ 3,164.2 $ 3,542.7 (11 ) % $ 10,208.8 $ 9,895.7 3 %earnedNet incomeattributable $ 706.0 $ 460.0 53 % $ 1,684.3 $ 1,070.8 57 %toProgressive Per shareavailable to $ 1.20 $ 0.78 54 % $ 2.85 $ 1.81 57 %commonshareholdersTotal pretaxnet realizedgains $ 340.9 $ 125.5 172 % $ 760.2 $ 369.4 106 %(losses) onsecuritiesCombined 85.2 89.4 (4.2 ) pts. 88.4 92.4 (4.0 ) pts.ratioAveragedilutedequivalent 587.5 587.0 0 % 587.6 587.0 0 %commonshares^1Operating results for 2019 included an extra week of underwriting activityfor December and the fourth quarter for our non-Property businesses. Excludingthe additional week of vehicle underwriting activity in 2019, companywide netpremiums written growth would have been approximately 3% for the month and 6%for the fourth quarter, and net premiums earned growth would have beenapproximately 11% for both periods. See the ?Supplemental Information? and the?Monthly Commentary? in the full release for additional discussion.

December(thousands; unaudited) 2020 2019 ChangePolicies in Force Personal Lines Agency ? auto 7,617.0 6,994.3 9%Direct ? auto 8,881.4 7,866.5 13%Total personal auto 16,498.4 14,860.8 11%Total special lines 4,915.1 4,547.8 8%Total Personal Lines 21,413.5 19,408.6 10%Total Commercial Lines 822.0 751.4 9%Property business 2,484.4 2,202.1 13%Companywide Total 24,719.9 22,362.1 11%

About Progressive

TheProgressive Group of Insurance Companiesmakes it easy to understand, buy and useauto insurance.Progressiveofferschoicesso consumers can reach us whenever, wherever and however it's most convenient - online at progressive.com, by phone at1-800-PROGRESSIVE, on a mobile device or in-person with a local agent.

Progressiveprovides insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes; itis the third largest auto insurer in the country, a leading seller ofmotorcycleandcommercial auto insurance, and one of the top 15 homeowners insurance carriers.

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 HomeQuote Explorer.

The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, trade publicly at NYSE:PGR.

Company Contact: Douglas S. Constantine (440) 910-3563 investor_relations@progressive.com

The Progressive Corporation 6300 Wilson Mills Road Mayfield Village, Ohio 44143 http://www.progressive.com

Progressive December 2020 Complete Earnings Release: http://ml.globenewswire.com/Resource/Download/d3c20089-e9aa-48aa-ac6a-8d8a6f7eb9e5