The Progressive Corporation (PGR) will pay an extra annual dividend of $2.25 per share together with a regular quarterly dividend of $0.10 per share. According to the company this is an annual common share dividend, so Progressive doesn't actually call it a special dividend like we do to underscore the extra payment status.

In its press release the company states: "On December 6, 2019, the Board of Directors declared a quarterly common share dividend, in the amount of $0.10 per share, and an annual common share dividend, in the amount of $2.25 per share. The aggregate common share dividend of $2.35 per share is payable January 15, 2020, to shareholders of record at the close of business on January 8, 2020 (ex-dividend date of January 7, 2020). The Board is expected to continue to target the quarterly dividend to be approximately $0.10 per common share for 2020. The 2019 annual dividend amount was determined by the Board based on our capital position, existing capital resources, and expected current and future capital needs".

The company's regular quarterly dividend of 40 cents annually yields 0.6% at a stock price of $72. Earlier this year Progressive initiated a regular quarterly dividend of 10 cents.

The Progressive Group of Insurance Companies provides insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes. Home insurance is underwritten by select carriers, including our majority owned subsidiaries, American Strategic Insurance Corp. and its affiliates (ASI). Progressive was founded in 1937 and has paid a varying annual dividend over the last couple of years. In 2019 a regular quarterly dividend was started.