- The Progressive Corporation reported financial results for February 2004, with net premiums written up 12% and net income up 63% compared to February 2003. The combined ratio also improved by 6.1 percentage points.
- Premium growth remained strong, with personal lines policies up 16% and commercial auto policies up 25% year-over-year. Most markets continued experiencing double-digit growth in net written premiums.
- Favorable loss development and ongoing low accident frequency contributed to the improved combined ratio and profitability. Investments continued generating strong returns.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
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What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
1. NEWS
RELEASE
The Progressive Corporation Company Contact:
6300 Wilson Mills Road Thomas A. King
Mayfield Village, Ohio 44143 (440) 395-2260
http://www.progressive.com
FOR IMMEDIATE RELEASE
MAYFIELD VILLAGE, OHIO – – March 12, 2004 -- The Progressive Corporation today reported the following results for February
2004:
(millions) February February
2004 2003 Change
Net premiums written $1,052.5 $942.7 12%
Net premiums earned 951.6 805.8 18%
Net income 145.1 89.0 63%
Per share .66 .40 64%
Combined ratio 83.7 89.8 6.1 pts.
See the “Income Statement” for further information.
Progressive’s Personal Lines business units write insurance for private passenger automobiles and recreation vehicles.
Progressive’s Commercial Auto business unit writes primary liability, physical damage and other auto-related insurance for
automobiles and trucks owned by small businesses. The Company’s other businesses principally include writing directors’ and
officers’ liability insurance and managing the wind down of the Company’s lender’s collateral protection program. See
“Supplemental Information” for the month and year-to-date results.
2. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
INCOME STATEMENT
February 2004
(millions – except per share amounts)
(unaudited)
Current
Comments on Monthly Results1
Month
Direct premiums written $1,073.2
Net premiums written $1,052.5
Revenues:
Net premiums earned $951.6
Investment income2 35.8
Net realized gains on securities 21.9
Service revenues 3.7
Other income (expense) (.3) Adjustment for overaccrual of estimated interest on an income tax
refund the Company received in February 2004; see the Company’s
2003 Annual Report at progressive.com/annualreport for further
information.
Total revenues 1,012.7
Expenses:
Losses and loss adjustment expenses 603.6
102.0
Policy acquisition costs
Other underwriting expenses 90.8
Investment expenses 1.0
Service expenses 2.0
Interest expense 6.6
Total expenses 806.0
Income before income taxes 206.7
Provision for income taxes 61.6 Includes $7.1 million reduction to the Company’s tax liability for the
years 1993-1998, which years were settled concurrent with receipt of the
above-mentioned tax refund.
Net income $145.1
COMPUTATION OF EARNINGS PER SHARE
Basic:
Average shares outstanding 216.4
Per share $.67
Diluted:
Average shares outstanding 216.4
Net effect of dilutive stock-based
compensation 3.6
Total equivalent shares 220.0
Per share $.66
1
See the Monthly Commentary at the end of this release for additional discussion. Also see the Company’s Annual Report at
progressive.com/annualreport for a complete description of its reporting and accounting policies.
2
The following table sets forth the total return for the month:
Fully taxable equivalent total return:
Fixed income securities 1.1%
Common stocks 1.4%
Total portfolio 1.1%
3. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
INCOME STATEMENTS
February 2004
(millions – except per share amounts)
(unaudited)
Year-to-Date
%
2004 2003 Change
Direct premiums written $2,249.9 $1,973.9 14
Net premiums written $2,199.6 $1,935.2 14
Revenues:
Net premiums earned $2,119.1 $1,773.2 20
Investment income1 73.2 75.2 (3)
Net realized gains on securities 35.9 28.8 25
Service revenues 8.6 6.0 43
Other income (expense) (.2) -- NM
Total revenues 2,236.6 1,883.2 19
Expenses:
Losses and loss adjustment expenses 1,346.9 1,209.5 11
Policy acquisition costs 228.9 196.7 16
Other underwriting expenses 189.6 156.3 21
Investment expenses 2.3 2.7 (15)
Service expenses 4.3 4.1 5
Interest expense 13.8 16.0 (14)
Total expenses 1,785.8 1,585.3 13
Income before income taxes 450.8 297.9 51
Provision for income taxes 143.4 98.2 46
Net income $307.4 $199.7 54
COMPUTATION OF EARNINGS PER SHARE
Basic:
Average shares outstanding 216.3 218.0 (1)
Per share $1.42 $.92 55
Diluted:
Average shares outstanding 216.3 218.0 (1)
Net effect of dilutive stock-based 3.7 3.4 9
compensation
Total equivalent shares 220.0 221.4 (1)
Per share $1.40 $.90 55
NM = Not Meaningful
1
The following table sets forth the total return for the year-to-date period:
2004 2003
Fully taxable equivalent total return:
Fixed income securities 1.7% 1.4%
Common stocks 3.3% (4.0)%
Total portfolio 2.0% .7%
4. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
February 2004
($ in millions)(unaudited)
Commercial
Personal Lines Auto Other Companywide
Agency Direct Total Business Businesses Total
Net Premiums Written $635.2 $302.2 $937.4 $114.0 $1.1 $1,052.5
% Growth in NPW 10% 15% 12% 16% (82)% 12%
Net Premiums Earned $575.8 $266.6 $842.4 $106.3 $2.9 $951.6
% Growth in NPE 16% 22% 18% 26% (54)% 18%
GAAP Ratios
Loss/LAE Ratio 64.4 65.2 64.6 54.2 61.2 63.4
Expense Ratio 20.1 21.5 20.6 16.7 40.1 20.3
Combined Ratio 84.5 86.7 85.2 70.9 101.3 83.7
ACTUARIAL ADJUSTMENTS(a)
Total Calendar Year Adjustment
Favorable (Unfavorable) $.4 $.2 $.6 $.1 $(.1) $.6
Reserve Decrease/(Increase)
Prior accident years $1.8
Current accident year (1.2)
Calendar year actuarial adjustment $.6
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment $1.8
All other development 1.2
Total development $3.0
Calendar year loss/LAE Ratio 63.4
Accident year loss/LAE Ratio 63.7
Statutory Ratios
Loss/LAE Ratio 63.6
Expense Ratio 19.3
Combined Ratio 82.9
(a)
Represents adjustments solely based on the Company’s corporate actuarial review.
5. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
February 2004
($ in millions)(unaudited)
Year-to-Date
Commercial
Personal Lines Auto Other Companywide
Agency Direct Total Business Businesses Total
Net Premiums Written $1,316.7 $629.7 $1,946.4 $249.0 $4.2 $2,199.6
% Growth in NPW 11% 18% 13% 21% (66)% 14%
Net Premiums Earned $1,282.5 $592.5 $1,875.0 $237.5 $6.6 $2,119.1
% Growth in NPE 17% 23% 19% 27% (48)% 20%
GAAP Ratios
Loss/LAE Ratio 64.7 64.0 64.5 55.9 70.7 63.6
Expense Ratio 19.7 20.4 19.9 18.1 25.8 19.7
Combined Ratio 84.4 84.4 84.4 74.0 96.5 83.3
ACTUARIAL ADJUSTMENTS(a)
Total Calendar Year Adjustment
Favorable/(unfavorable) $2.7 $1.6 $4.3 $.1 $(.1) $4.3
Reserve Decrease/(Increase)
Prior accident years $5.3
Current accident year (1.0)
Calendar year actuarial adjustment $4.3
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment $5.3
All other development 6.7
Total development $12.0
Calendar year loss/LAE Ratio 63.6
Accident year loss/LAE Ratio 64.2
Statutory Ratios
Loss/LAE Ratio 63.6
Expense Ratio 19.2
Combined Ratio 82.8
Statutory Surplus $4,856.0
February February
Policies in Force 2004 2003 Change
(in thousands)
Agency – Auto 4,068 3,571 14%
Direct – Auto 1,911 1,624 18%
Other Personal Lines(b) 2,015 1,669 21%
Total Personal Lines 7,994 6,864 16%
Commercial Auto Business 373 298 25%
(a)
Represents adjustments solely based on the Company’s corporate actuarial review.
(b)
Includes insurance for motorcycles, recreation vehicles, mobile homes, watercraft, snowmobiles, homeowners and similar items.
6. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
BALANCE SHEET AND OTHER INFORMATION
(millions– except per share amounts)
(unaudited)
February
2004
CONDENSED GAAP BALANCE SHEET:1
Investments -
Available-for-sale:
Fixed maturities, at market (amortized cost: $9,123.0) $9,422.2
Equity securities, at market:
Preferred stocks (cost: $763.4) 790.3
Common equities (cost: $1,589.7) 2,029.0
Short-term investments, at amortized cost (market: $1,207.9) 1,207.9
Total investments2 13,449.4
Net premiums receivable 2,181.2
Deferred acquisition costs 422.6
Other assets 1,170.0
Total assets $17,223.2
Unearned premiums $3,974.4
Loss and loss adjustment expense reserves 4,650.5
Other liabilities2 1,874.1
Debt 1,289.9
Shareholders’ equity 5,434.3
Total liabilities and shareholders’ equity $17,223.2
Common Shares outstanding 217.1
Shares repurchased – February .1
Average cost per share $83.78
Book value per share $25.03
Return on average shareholders’ equity 27.9%
Net unrealized pre-tax gains on investments $765.4
Debt to total capital ratio 19.2%
1
Pursuant to SFAS 113, “Accounting and Reporting for Reinsurance of Short-Duration and Long-
Duration Contracts,” loss and loss adjustment expense reserves are stated gross of reinsurance
recoverables on unpaid losses of $238.3 million.
2
Amounts include net unsettled security acquisitions of $493.3 million, including repurchase
commitment transactions.
7. Monthly Commentary
♦
Continued low accident frequency contributed to the Company’s strong profitability for February. Forty-eight of
the 49 markets in which the Company writes Personal Lines business were profitable for the month. Favorable
reserve development reduced the combined ratio .3 points for February and .6 points year-to-date.
♦
The year-over-year growth rate is declining as expected. Policies in force growth remains strong, supported by a
strong renewal rate. In Personal Lines, 18 markets have year-to-date net premiums written growth of 20% or
greater; these markets represent 29% of the total Personal Lines premiums. Thirteen states (34% of total Personal
Lines) grew less than 10%.
♦
In general, the Company did not see any significant changes in customer retention.
At February month-end, the net unrealized gains in the portfolio were $765.4 million, an increase of $122.0 million
♦
from year-end 2003. The pretax recurring investment book yield of the portfolio was 3.6% for the month and
3.7% year-to-date. In the fixed-income portfolio, the duration was 3.2 years and the weighted average credit
quality was AA+.
The Progressive group of insurance companies ranks third in the nation for auto insurance based on premiums written,
offering its products by phone at 1-800-PROGRESSIVE, online at progressive.com and through more than 30,000
independent agencies and insurance brokers. The Common Shares of The Progressive Corporation, the holding
company, are publicly traded at NYSE:PGR.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this release that are not
historical fact are forward-looking statements that are subject to certain risks and uncertainties that could cause actual events and
results to differ materially from those discussed herein. These risks and uncertainties include, without limitation, uncertainties
related to estimates, assumptions and projections generally; inflation and changes in economic conditions (including changes in
interest rates and financial markets); the accuracy and adequacy of the Company’s pricing and loss reserving methodologies;
pricing competition and other initiatives by competitors; the Company’s ability to obtain regulatory approval for requested rate
changes and the timing thereof; the effectiveness of the Company’s advertising campaigns; legislative and regulatory
developments; the outcome of litigation pending or that may be filed against the Company; weather conditions (including the
severity and frequency of storms, hurricanes, snowfalls, hail and winter conditions); changes in driving patterns and loss trends;
acts of war and terrorist activities; court decisions and trends in litigation and health care and auto repair costs; and other
matters described from time to time by the Company in releases and publications, and in periodic reports and other documents
filed with the United States Securities and Exchange Commission. In addition, investors should be aware that generally accepted
accounting principles prescribe when a company may reserve for particular risks, including litigation exposures. Accordingly,
results for a given reporting period could be significantly affected if and when a reserve is established for a major contingency.
Reported results therefore may appear to be volatile in certain accounting periods.