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Progressive 2Q04 QSR
The Progressive Corporation reported strong financial results for the second quarter and first half of 2004. Net income increased 35% for the quarter and 46% year-to-date, driven by higher revenues and improved underwriting margins. Underwriting margins increased to 15.7% for the quarter and improved loss frequency and severity trends contributed to profitability. While growth was solid, the company expects new business growth to slow in the current market environment of low rates and less customer shopping. Progressive aims to continue improving customer service and expanding successful initiatives to outperform competitors over the long run.
