The Progressive Corporation reported financial results for March 2005. Net premiums written increased 5% to $1.127 billion compared to March 2004. Net income decreased 11% to $135.2 million compared to the prior year. Earnings per share fell 3% to $0.67. The combined ratio was 84.8, an increase of 2 percentage points from the prior year. Policies in force grew 12% year-over-year for personal lines and 14% for commercial auto.
Slideshow Graphic Works by Florent Vial - 12/2008Florent Vial
This is not my job, but one of my passion.
Here are some of the graphic works I have been designing for the needs of my friends, my family, my clients.
Some, just for pure pleasure.
In any humilty.
The Six Highest Performing B2B Blog Post FormatsBarry Feldman
If your B2B blogging goals include earning social media shares and backlinks to boost your search rankings, this infographic lists the size best approaches.
Study: The Future of VR, AR and Self-Driving CarsLinkedIn
We asked LinkedIn members worldwide about their levels of interest in the latest wave of technology: whether they’re using wearables, and whether they intend to buy self-driving cars and VR headsets as they become available. We asked them too about their attitudes to technology and to the growing role of Artificial Intelligence (AI) in the devices that they use. The answers were fascinating – and in many cases, surprising.
This SlideShare explores the full results of this study, including detailed market-by-market breakdowns of intention levels for each technology – and how attitudes change with age, location and seniority level. If you’re marketing a tech brand – or planning to use VR and wearables to reach a professional audience – then these are insights you won’t want to miss.
Slideshow Graphic Works by Florent Vial - 12/2008Florent Vial
This is not my job, but one of my passion.
Here are some of the graphic works I have been designing for the needs of my friends, my family, my clients.
Some, just for pure pleasure.
In any humilty.
The Six Highest Performing B2B Blog Post FormatsBarry Feldman
If your B2B blogging goals include earning social media shares and backlinks to boost your search rankings, this infographic lists the size best approaches.
Study: The Future of VR, AR and Self-Driving CarsLinkedIn
We asked LinkedIn members worldwide about their levels of interest in the latest wave of technology: whether they’re using wearables, and whether they intend to buy self-driving cars and VR headsets as they become available. We asked them too about their attitudes to technology and to the growing role of Artificial Intelligence (AI) in the devices that they use. The answers were fascinating – and in many cases, surprising.
This SlideShare explores the full results of this study, including detailed market-by-market breakdowns of intention levels for each technology – and how attitudes change with age, location and seniority level. If you’re marketing a tech brand – or planning to use VR and wearables to reach a professional audience – then these are insights you won’t want to miss.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
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.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
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 swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
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
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
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
NO1 Uk Divorce problem uk all amil baba in karachi,lahore,pakistan talaq ka m...Amil Baba Dawood bangali
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
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how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Card
progressive mreport-03/05
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 -- April 14, 2005 -- The Progressive Corporation today reported the following results for March 2005:
Month Quarter
(millions, except per share amounts)
2005 2004 Change 2005 2004 Change
Net premiums written $1,127.6 $1,077.7 5% $3,604.8 $3,277.3 10%
Net premiums earned 1,049.9 974.4 8% 3,350.0 3,093.5 8%
Net income 135.2 152.6 (11)% 412.7 460.0 (10)%
Per share .67 .69 (3)% 2.04 2.09 (2)%
Combined ratio 84.8 82.8 (2.0) pts. 85.0 83.2 (1.8) pts.
Pre-tax net realized gains (losses) (.2) 23.6 NM 10.2 59.5 (83)%
Diluted equivalent shares 201.4 220.1 (8)% 201.9 220.0 (8)%
NM = Not Meaningful
See the “Income Statement” for further month and year-to-date information.
The Company offers insurance to personal and commercial auto drivers throughout the United States. The Company’s
Personal Lines business units write insurance for private passenger automobiles and recreation vehicles. The Company’s
Commercial Auto business unit writes primary liability, physical damage and other auto-related insurance for automobiles and trucks
owned by small businesses. See “Supplemental Information” for month and year-to-date results.
-1-
2. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
INCOME STATEMENT
March 2005
(millions – except per share amounts)
(unaudited)
Current
Comments on Monthly Results1
Month
Direct premiums written $1,155.5
Net premiums written $1,127.6
Revenues:
Net premiums earned $1,049.9
Investment income 45.3 Includes dividends earned on preferred stocks typically in the third
month of a quarter.
Net realized gains (losses) on securities (.2)
Service revenues 3.3
Total revenues 1,098.3
Expenses:
Losses and loss adjustment expenses 674.0
111.4
Policy acquisition costs
Other underwriting expenses 105.2
Investment expenses .7
Service expenses .8
Interest expense 6.9
Total expenses 899.0
Income before income taxes 199.3
Provision for income taxes 64.1
Net income $135.2
COMPUTATION OF EARNINGS PER SHARE
Basic:
Average shares outstanding 198.5
Per share $.68
Diluted:
Average shares outstanding 198.5
Net effect of dilutive stock-based
compensation 2.9
Total equivalent shares 201.4
Per share $.67
1
See the Monthly Commentary at the end of this release for additional discussion. Also see Note 1 to the Company’s 2004 audited
consolidated financial statements included in the Company’s 2004 Annual Report, which can be found at progressive.com/annualreport,
for a description of the Company’s reporting and accounting policies.
________________________
The following table sets forth the total return on investments for the month:
Fully taxable equivalent total return:
Fixed-income securities (.3)%
Common stocks (1.4)%
Total portfolio (.4)%
-2-
3. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
INCOME STATEMENTS
March 2005 Year-to-Date
(millions – except per share amounts)
(unaudited)
Year-to-Date
%
2005 2004 Change
Direct premiums written $3,684.3 $3,358.3 10
Net premiums written $3,604.8 $3,277.3 10
Revenues:
Net premiums earned $3,350.0 $3,093.5 8
Investment income 120.4 114.9 5
Net realized gains (losses) on securities 10.2 59.5 (83)
Service revenues 11.2 12.6 (11)
Other income -- (.2) NM
Total revenues 3,491.8 3,280.3 6
Expenses:
Losses and loss adjustment expenses 2,168.6 1,962.1 11
Policy acquisition costs 356.1 334.0 7
Other underwriting expenses 323.4 276.2 17
Investment expenses 2.8 3.3 (15)
Service expenses 5.4 5.5 (2)
Interest expense 20.8 20.5 1
Total expenses 2,877.1 2,601.6 11
Income before income taxes 614.7 678.7 (9)
Provision for income taxes 202.0 218.7 (8)
Net income $412.7 $460.0 (10)
COMPUTATION OF EARNINGS PER SHARE
Basic:
Average shares outstanding 199.0 216.4 (8)
Per share $2.07 $2.13 (2)
Diluted:
Average shares outstanding 199.0 216.4 (8)
Net effect of dilutive stock-based
compensation 2.9 3.6 (19)
Total equivalent shares 201.9 220.0 (8)
Per share $2.04 $2.09 (2)
NM = Not Meaningful
The following table sets forth the total return on investments for the year-to-date period:
2005 2004
Fully taxable equivalent total return:
Fixed-income securities (.2)% 2.2%
Common stocks (1.7)% 1.9%
Total portfolio (.4)% 2.2%
-3-
4. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
March 2005
($ in millions)
(unaudited)
Current Month
Commercial
Personal Lines Auto Other Companywide
Businesses1
Agency Direct Total Business Total
Net Premiums Written $648.2 $332.9 $981.1 $144.8 $1.7 $1,127.6
% Growth in NPW 1% 8% 3% 14% NM 5%
Net Premiums Earned $618.0 $306.1 $924.1 $123.6 $2.2 $1,049.9
% Growth in NPE 5% 12% 7% 13% NM 8%
GAAP Ratios
Loss/LAE ratio 63.4 67.9 64.9 59.0 NM 64.2
Expense ratio 21.0 20.1 20.7 20.0 NM 20.6
Combined ratio 84.4 88.0 85.6 79.0 NM 84.8
Actuarial Adjustments2
Reserve Decrease/(Increase)
Prior accident years $15.2
Current accident year (1.3)
Calendar year actuarial adjustment $6.5 $1.4 $7.9 $6.0 $-- $13.9
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment $15.2
All other development 31.8
Total development $47.0
Calendar year loss/LAE ratio 64.2
Accident year loss/LAE ratio 68.7
Statutory Ratios
Loss/LAE ratio 64.1
Expense ratio 19.4
Combined ratio 83.5
NM = Not Meaningful
1
Amounts primarily include professional liability insurance for community banks and the Company’s run-off businesses. The other
businesses generated an underwriting profit of less than $50 thousand for the month.
2
Represents adjustments solely based on the Company’s corporate actuarial review.
-4-
5. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
March 2005 Year-to-Date
($ in millions)
(unaudited)
Year-to-Date
Commercial
Personal Lines Auto Other Companywide
Businesses1
Agency Direct Total Business Total
Net Premiums Written $2,081.8 $1,081.0 $3,162.8 $436.3 $5.7 $3,604.8
% Growth in NPW 6% 15% 9% 16% NM 10%
Net Premiums Earned $1,975.4 $972.6 $2,948.0 $395.2 $6.8 $3,350.0
% Growth in NPE 6% 12% 8% 14% NM 8%
GAAP Ratios
Loss/LAE ratio 65.0 66.8 65.6 58.7 NM 64.7
Expense ratio 20.8 19.6 20.4 19.9 NM 20.3
Combined ratio 85.8 86.4 86.0 78.6 NM 85.0
Actuarial Adjustments2
Reserve Decrease/(Increase)
Prior accident years $36.4
Current accident year (2.9)
Calendar year actuarial adjustment $19.3 $6.1 $25.4 $6.3 $1.8 $33.5
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment $36.4
All other development 78.5
Total development $114.9
Calendar year loss/LAE ratio 64.7
Accident year loss/LAE ratio 68.1
Statutory Ratios
Loss/LAE ratio 64.8
Expense ratio 19.0
Combined ratio 83.8
Statutory surplus $5,041.0
March March
2005 2004 Change
Policies in Force
(in thousands)
Agency – Auto 4,443 4,118 8%
Direct – Auto 2,209 1,941 14%
Other Personal Lines3 2,429 2,057 18%
Total Personal Lines 9,081 8,116 12%
Commercial Auto Business 433 380 14%
NM = Not Meaningful
1
The other businesses generated an underwriting profit of $5.4 million.
2
Represents adjustments solely based on the Company’s corporate actuarial review.
3
Includes insurance for motorcycles, recreation vehicles, mobile homes, watercraft, snowmobiles and similar items.
-5-
6. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
BALANCE SHEET AND OTHER INFORMATION
(millions– except per share amounts)
(unaudited)
March
2005
CONDENSED GAAP BALANCE SHEET:1
Investments - Available-for-sale:
Fixed maturities, at market (amortized cost: $9,548.0) $9,505.5
Equity securities, at market:
Preferred stocks (cost: $952.0) 957.7
Common equities (cost: $1,400.2) 1,898.9
Short-term investments, at market (amortized cost: $1,042.3) 1,042.8
Total investments2 13,404.9
Net premiums receivable 2,469.2
Deferred acquisition costs 450.6
Other assets 1,398.5
Total assets $17,723.2
Unearned premiums $4,364.3
Loss and loss adjustment expense reserves 5,348.3
Other liabilities2 1,431.3
Debt 1,284.5
Shareholders’ equity 5,294.8
Total liabilities and shareholders’ equity $17,723.2
Common Shares outstanding 199.6
Shares repurchased – March 1.0
Average cost per share $89.56
Book value per share $26.53
Return on average shareholders’ equity 28.4%
Net unrealized pre-tax gains on investments $462.4
Debt to total capital ratio 19.5%
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 $338.0 million.
2
Amounts include net unsettled security acquisitions of $105.2 million.
-6-
7. Monthly Commentary
• As discussed in February’s release, March’s lower premium growth reflects the Company’s use of a fiscal calendar
and the timing of when renewal premiums were incorporated in results.
• Policies in force growth remains strong. On a month over prior month basis, the Company has seen increases in
retention, currently defined as policy life expectancy, in both the Agency and Direct channels.
• The Company is experiencing a decrease in its premium per application on both new and renewal business
consistent with market pricing refinement in several states.
• Net premiums written in the Company’s other Personal Lines businesses, which represent about 6.5% of total
Personal Lines and include motorcycles, recreation vehicles and other specialty products, grew 27% in the first
quarter.
• The Commercial Auto business is increasing its offering of twelve-month term policies, primarily in the specialty
commercial auto market, which will have a favorable effect on the premiums per application. Six-month term
restrictions will remain in selected markets. As a result, it may be difficult to make year over prior year comparisons
using written premiums during this time of transition and a focus on earned premiums is recommended.
• The pretax recurring book yield of the investment portfolio was 4.3% for March 2005 and 3.8% for the first quarters
of both 2005 and 2004.
• At March month-end, the net unrealized gains in the investment portfolio were $462.4 million, a decrease of $112.0
million from February 2005 and $207.0 million from year-end 2004. The fixed-income portfolio duration was 2.9
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.
The companies that offer insurance directly (by phone at 1-800-PROGRESSIVE and online at progressive.com) market
their products and services through the Progressive DirectSM brand, while the companies that offer insurance through
more than 30,000 independent agencies in the U.S. market their products and services through the Drive Insurance from
ProgressiveSM brand. The Common Shares of The Progressive Corporation, the holding company, are publicly traded at
NYSE:PGR. More information can be found at progressive.com.
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; disputes relating to
intellectual property rights; 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; the Company’s ability to maintain the uninterrupted operation of its facilities,
systems (including information technology systems) and business functions; 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 one or more contingencies. Reported results, therefore, may appear to be volatile in certain accounting periods.
-7-