Summary of Progressive’s Q4 2020 earnings call
The call took place on Tuesday, March 02, 2021.
- In addition to the over $1 billion given to customers in the form of credits early on in the pandemic, Progressive filed Personal Auto rate changes that averaged a decrease of ~3% between April and December in over 40 states that represent approximately 85% of its country-wide premium
- Increase of 2.4 million policies in force and $3 billion more in net premiums written in 2020
- BOP product is now active in 18 states including Illinois; went from fleets of less than 10 vehicles to 40
- Re. pending acquisition of Protective; “Commercial Lines is our greatest opportunity to grow, and we’re excited to expand our capabilities with the expertise Protective offers at larger fleet and affinity programs and by providing additional breadth of product lines”
- Advertising costs are going up; spent $1.95 billion on advertising in 2020, up 17.5% from the $1.66 billion it spent in 2019
- Close to 4,000 Platinum agents (an increase)
- The relatively new 30-day Snapshot was sent out to around 5 million customers; 9,000 have gone through
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