The Progressive Corporation reported financial results for March 2006. Net premiums written increased 1% to $1.137 billion compared to March 2005. Net income increased 15% to $156 million compared to the previous year. The combined ratio improved 1.5 percentage points to 83.3%. Policies in force grew 6% overall with increases in both personal and commercial auto insurance lines.
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
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
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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
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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
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.
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 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
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
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.
Falcon Invoice Discounting: Optimizing Returns with Minimal Risk
.progressive mreport-03/06
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 12, 2006 -- The Progressive Corporation today reported the following results for March 2006:
Month Quarter
(millions, except per share amounts and
2006 2005 Change 2006 2005 Change
ratios)
Net premiums written $1,137.7 $1,127.6 1% $3,676.7 $3,604.8 2%
Net premiums earned 1,086.5 1,049.9 3% 3,500.5 3,350.0 4%
Net income 156.0 135.2 15% 436.6 412.7 6%
Per share .79 .67 18% 2.21 2.04 8%
Pre-tax net realized gains (losses) (.5) (.2) 150% .5 10.2 (95)%
on securities
Combined ratio 83.3 84.8 (1.5) pts. 85.2 85.0 .2 pts.
Diluted equivalent shares 197.5 201.4 (2)% 197.9 201.9 (2)%
See the “Income Statements” for further month and year-to-date information and the monthly commentary at the end of this release for
additional discussion.
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 recreational 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 2006
(millions – except per share amounts)
(unaudited)
Current
Comments on Monthly Results1
Month
Direct premiums written $1,159.3
Net premiums written $1,137.7
Revenues:
Net premiums earned $1,086.5
Investment income 56.5
Net realized gains (losses) on securities (.5) Includes $1.1 million of write-downs on securities determined to have
had an other-than-temporary decline in market value.
Service revenues 2.6
Total revenues 1,145.1
Expenses:
Losses and loss adjustment expenses 682.7
112.4
Policy acquisition costs
Other underwriting expenses 109.5
Investment expenses .8
Service expenses 2.2
Interest expense 6.8
Total expenses 914.4
Income before income taxes 230.7
Provision for income taxes 74.7
Net income $156.0
COMPUTATION OF EARNINGS PER SHARE
Basic:
Average shares outstanding 194.9
Per share $.80
Diluted:
Average shares outstanding 194.9
Net effect of dilutive stock-based
compensation 2.6
Total equivalent shares 197.5
Per share $.79
1
See the Monthly Commentary at the end of this release for additional discussion. For a description of the Company’s reporting and
accounting policies, see Note 1 to the Company’s 2005 audited consolidated financial statements included in the Company’s 2005
Shareholders’ Report, which can be found at www.progressive.com/annualreport.
________________________________________________________________________________
The following table sets forth the investment results for the month:
Fully taxable equivalent total return:
Fixed-income securities (.2)%
Common stocks 1.4%
Total portfolio .1%
Pretax recurring investment book yield 4.9%
-2-
3. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
INCOME STATEMENTS
March 2006 Year-to-Date
(millions – except per share amounts)
(unaudited)
Year-to-Date
%
2006 2005 Change
Direct premiums written $3,743.1 $3,684.3 2
Net premiums written $3,676.7 $3,604.8 2
Revenues:
Net premiums earned $3,500.5 $3,350.0 4
Investment income 151.5 120.4 26
Net realized gains (losses) on securities .5 10.2 (95)
Service revenues 8.4 11.2 (25)
Total revenues 3,660.9 3,491.8 5
Expenses:
Losses and loss adjustment expenses 2,282.8 2,168.6 5
Policy acquisition costs 362.1 356.1 2
Other underwriting expenses 338.7 323.4 5
Investment expenses 2.5 2.8 (11)
Service expenses 6.8 5.4 26
Interest expense 20.5 20.8 (1)
Total expenses 3,013.4 2,877.1 5
Income before income taxes 647.5 614.7 5
Provision for income taxes 210.9 202.0 4
Net income $436.6 $412.7 6
COMPUTATION OF EARNINGS PER SHARE
Basic:
Average shares outstanding 195.3 199.0 (2)
Per share $2.24 $2.07 8
Diluted:
Average shares outstanding 195.3 199.0 (2)
Net effect of dilutive stock-based
compensation 2.6 2.9 (10)
Total equivalent shares 197.9 201.9 (2)
Per share $2.21 $2.04 8
The following table sets forth the investment results for the year-to-date period:
2006 2005
Fully taxable equivalent total return:
Fixed-income securities .4% (.2)%
Common stocks 4.7% (1.7)%
Total portfolio 1.0% (.4)%
Pretax recurring investment book yield 4.4% 3.8%
-3-
4. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
March 2006
($ in millions)
(unaudited)
Current Month
Commercial
Personal Lines Auto Other Companywide
Businesses1
Drive Direct Total Business Total
Net Premiums Written $625.5 $347.8 $973.3 $162.9 $1.5 $1,137.7
% Growth in NPW (3)% 4% (1)% 13% NM 1%
Net Premiums Earned $615.3 $332.5 $947.8 $136.7 $2.0 $1,086.5
% Growth in NPE --% 9% 3% 11% NM 3%
GAAP Ratios
Loss/LAE ratio 63.0 63.2 63.1 61.6 NM 62.9
Expense ratio 20.4 20.0 20.2 21.4 NM 20.4
Combined ratio 83.4 83.2 83.3 83.0 NM 83.3
Actuarial Adjustments2
Reserve Decrease/(Increase)
Prior accident years $21.1
Current accident year 5.0
Calendar year actuarial adjustment $16.2 $6.8 $23.0 $2.6 $.5 $26.1
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment $21.1
All other development (.9)
Total development $20.2
Calendar year loss/LAE ratio 62.9
Accident year loss/LAE ratio 64.8
Statutory Ratios
Loss/LAE ratio 62.9
Expense ratio 19.9
Combined ratio 82.8
NM = Not Meaningful
1
Primarily includes professional liability insurance for community banks and the Company’s run-off businesses. The other
businesses generated an underwriting profit of $.6 million for the month.
2
Represents adjustments solely based on the Company’s corporate actuarial review.
-4-
5. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
March 2006 Year-to-Date
($ in millions)
(unaudited)
Year-to-Date
Commercial
Personal Lines Auto Other Companywide
Businesses1
Drive Direct Total Business Total
Net Premiums Written $2,032.3 $1,141.4 $3,173.7 $496.3 $6.7 $3,676.7
% Growth in NPW (2)% 6% --% 14% NM 2%
Net Premiums Earned $1,984.0 $1,067.0 $3,051.0 $442.8 $6.7 $3,500.5
% Growth in NPE --% 10% 3% 12% NM 4%
GAAP Ratios
Loss/LAE ratio 65.7 65.6 65.7 62.5 NM 65.2
Expense ratio 20.2 20.0 20.1 19.0 NM 20.0
Combined ratio 85.9 85.6 85.8 81.5 NM 85.2
Actuarial Adjustments2
Reserve Decrease/(Increase)
Prior accident years $48.4
Current accident year 7.3
Calendar year actuarial adjustment $31.2 $14.0 $45.2 $10.3 $.2 $55.7
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment $48.4
All other development 55.3
Total development $103.7
Calendar year loss/LAE ratio 65.2
Accident year loss/LAE ratio 68.2
Statutory Ratios
Loss/LAE ratio 65.3
Expense ratio 19.5
Combined ratio 84.8
$5,173.2
Statutory Surplus
NM = Not Meaningful
March March
2006 2005 Change
Policies in Force
(in thousands)
Drive – Auto 4,546 4,443 2%
Direct – Auto 2,383 2,209 8%
Special Lines3 2,722 2,429 12%
Total Personal Lines 9,651 9,081 6%
Commercial Auto Business 482 433 11%
1
The other businesses generated an underwriting profit of $2.5 million.
2
Represents adjustments solely based on the Company’s corporate actuarial review.
3
Includes insurance for motorcycles, recreational 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
2006
CONDENSED GAAP BALANCE SHEET:1
Investments – Available-for-sale, at market:
Fixed maturities (amortized cost: $10,513.3) $10,368.0
Equity securities:
Preferred stocks (cost: $1,305.5) 1,304.6
Common equities (cost: $1,429.2) 2,140.3
Short-term investments (amortized cost: $708.2) 708.5
Total investments2 14,521.4
Net premiums receivable 2,639.7
Deferred acquisition costs 461.5
Other assets 1,635.6
Total assets $19,258.2
Unearned premiums $4,508.1
Loss and loss adjustment expense reserves 5,632.0
Other liabilities2 1,517.2
Debt 1,285.0
Shareholders’ equity 6,315.9
Total liabilities and shareholders’ equity $19,258.2
Common Shares outstanding 195.9
Shares repurchased – March 1.1
Average cost per share $105.27
Book value per share $32.24
Trailing 12-month return on average shareholders’ equity 24.3%
Net unrealized pre-tax gains on investments $565.2
Increase (decrease) from February 2006 $(55.9)
Increase (decrease) from December 2005 $(34.9)
Debt to total capital ratio 16.9%
Fixed-income portfolio duration 3.1 Years
Weighted average credit quality AA
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 $345.0 million.
2
Amounts include net unsettled security acquisitions of $95.8 million.
-6-
7. Monthly Commentary
• For March, the Company’s frequency and severity was lower than historical trends; average earned premiums
remained relatively flat.
The Progressive Group of Insurance Companies, in business since 1937, ranks third in the nation for auto insurance based on
premiums written and provides drivers with competitive rates and 24/7, in-person and online service. The products and
services of the Progressive Direct Group of Insurance Companies are marketed directly to consumers by phone at 1-800-
PROGRESSIVE and online at www.progressivedirect.com through the Progressive DirectSM brand. The Drive Group of
Progressive Insurance Companies offers insurance through more than 30,000 independent insurance agencies that market
their products and services through the Drive® Insurance from Progressive brand. For more information about Drive
Insurance, go to www.driveinsurance.com. The Common Shares of The Progressive Corporation, the Mayfield Village,
Ohio-based holding company, are publicly traded at NYSE:PGR. More information, including a guide to interpreting the
monthly reporting package, can be found at www.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-