The Progressive Corporation today reported the following results for December and the fourth quarter 2011:

       
Month Quarter
(millions, except per share amounts and ratios; unaudited) 2011     2010     Change 2011     2010     Change
 
Net premiums written $ 1,011.5 $ 929.1 9 % $ 3,538.1 $ 3,276.0 8 %
Net premiums earned $ 1,164.7 $ 1,112.6 5 % $ 3,776.9 $ 3,623.6 4 %
Net income $ 76.3 $ 112.8 (32)% $ 256.7 $ 299.2 (14)%
Per share $ .12 $ .17 (27)% $ .42 $ .45 (8)%
Pretax net realized gains (losses)
on securities (including net
impairment losses) $ (23.1) $ 22.9 NM $ 29.5 $ 77.9 (62)%
Combined ratio 91.2 92.2 (1.0) pts. 93.0 93.1 (.1) pts.
Average equivalent shares 611.6 659.2 (7)%

613.4

659.7 (7)%
 
NM = Not Meaningful
 
     
(in thousands; unaudited) December December Change
    2011 2010

Policies in Force:

Agency - Auto 4,648.5 4,480.1 4 %
Direct - Auto 3,844.5 3,610.4 6 %
Total Personal Auto 8,493.0 8,090.5 5 %
Total Special Lines 3,790.8 3,612.2 5 %
Total Personal Lines 12,283.8 11,702.7 5 %
Total Commercial Auto 509.1 510.4 0 %
 

On December 9, 2011, the Board of Directors declared an annual variable dividend to be paid on February 3, 2012, to shareholders of record at the close of business on January 26, 2012 (ex-dividend date of January 24, 2012). The amount of the dividend is $.4072 per common share, or an estimated $249.6 million in the aggregate, and is reflected in our 2011 financial statements.

Progressive is scheduled to hold a one-hour conference call to address questions on Thursday, March 1, 2012, at 9:00 a.m., eastern time, subsequent to the posting of our 2011 Shareholders' Report online and the filing of our 2011 Annual Report on Form 10-K with the SEC. Registration for the teleconference and webcast will be available at http://investors.progressive.com/events.aspx in February 2012.

See the complete release at http://investors.progressive.com/pdf/mreport-1211.pdf for further information. If you experience technical difficulties using this link, please email investor_relations@progressive.com and a PDF of the release will be sent to you promptly.

About Progressive

The Progressive Group of Insurance Companies makes it easy to understand, buy, and use auto insurance. Progressive offers choices so consumers can reach us whenever, wherever, and however it's most convenient for them--online at http://www.progressive.com, by phone at 1-800-PROGRESSIVE, or in-person with a local agent.

Progressive offers insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes. We're the fourth largest auto insurer in the country, the largest seller of motorcycle insurance, and a leader in commercial auto insurance. Progressive also offers car insurance online in Australia at http://www.progressiveonline.com.au.

Founded in 1937, Progressive continues its long history of offering shopping tools and services that save customers time and money, like Name Your Price®, the Snapshot Discount®, and a concierge level of claims service.

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

The Progressive Corporation
Matt Downing, 440-395-4222
http://www.progressive.com