- The Progressive Corporation reported its April 2007 results, with net premiums written down 4% from April 2006 to $1.437 billion and net income down 14% to $136.7 million.
- The combined ratio was 88.8%, up 2.9 percentage points from April 2006, driven by an increase in bodily injury severity.
- Total personal auto policies in force grew 1% to over 7 million while total commercial auto policies grew 6% to over 522,000.
The Progressive Corporation reported financial results for February 2007, with the following key details:
- Net income was $94.7 million, down 25% from February 2006. Earnings per share were $0.13, down 21%.
- Net written premiums decreased 1% to $1,194.5 million.
- The combined ratio was 92.8%, up 6.5 percentage points from the prior year, driven by unfavorable development of prior accident year losses.
- Total policies in force increased 3% to over 9.85 million personal lines policies and 508,000 commercial auto policies.
The Progressive Corporation reported its November 2006 results. Net premiums written decreased 3% to $959.2 million compared to November 2005. Net income increased 58% to $131.9 million compared to November 2005. The combined ratio improved 2.9 percentage points to 87.0 compared to November 2005. Progressive also announced that its Board of Directors confirmed its intention to use a variable dividend formula to determine the annual dividend payout in 2007, replacing quarterly dividends. The variable payout will be based on annual after-tax underwriting income multiplied by a shareholder target factor set by the Board and a gainshare factor between 0-2 depending on growth and profitability.
Progressive reported its results for March 2007. Net income decreased 16% to $131.1 million compared to March 2006. The combined ratio increased 4.9 points to 88.2. For the quarter, net income decreased 17% to $363.5 million and the combined ratio increased 4.3 points to 89.5. Progressive saw unfavorable development from prior accident years, primarily related to larger losses emerging from prior years in commercial auto.
1) The Progressive Corporation reported its October 2006 results including net premiums written of $1,315.8 million, down 1% from October 2005, and net income of $130.1 million, up 73% from the previous year.
2) Progressive's combined ratio was 89.1 for October 2006, an improvement of 5.1 percentage points from 94.2 in October 2005.
3) Progressive offers auto insurance to personal and commercial drivers throughout the United States, writing policies for private passenger vehicles, recreational vehicles, and automobiles and trucks owned by small businesses.
The Progressive Corporation reported its financial results for January 2007. Net premiums written decreased 1% to $1.31 billion compared to January 2006. Net income decreased 11% to $137.7 million compared to the previous year. The combined ratio was 87.8%, an increase of 1.8 percentage points from January 2006. Progressive will hold a conference call on March 2, 2007 to discuss its 2006 annual report and Form 10-K filing with the SEC.
The Progressive Corporation reported its results for May 2005. Net premiums written increased 2% compared to May 2004. Net income increased 16% to $126.1 million, while earnings per share increased 27% to $0.63. The combined ratio improved 0.8 percentage points to 85.8%. Personal lines policies in force grew 11% year-over-year.
The Progressive Corporation reported its financial results for July 2004. Net premiums written increased 7% to $1.298 billion compared to July 2003. Net income grew 18% to $168.1 million, while earnings per share rose 19% to $0.77. The combined ratio improved 3.3 percentage points to 82.6. Personal lines net premiums written grew 6% and commercial auto rose 19%. Progressive continued to experience strong profitability with only two unprofitable markets.
The Progressive Corporation reported its July 2005 results, including:
- Net premiums written increased 8% to $1.403 billion compared to July 2004.
- Net income decreased 14% to $143.9 million compared to July 2004.
- The combined ratio, a measure of profitability, increased 4.3 percentage points to 86.9% compared to July 2004.
- Total policies in force increased 11% to 9.42 million compared to July 2004, driven by growth in personal and commercial auto insurance policies.
The Progressive Corporation reported financial results for February 2007, with the following key details:
- Net income was $94.7 million, down 25% from February 2006. Earnings per share were $0.13, down 21%.
- Net written premiums decreased 1% to $1,194.5 million.
- The combined ratio was 92.8%, up 6.5 percentage points from the prior year, driven by unfavorable development of prior accident year losses.
- Total policies in force increased 3% to over 9.85 million personal lines policies and 508,000 commercial auto policies.
The Progressive Corporation reported its November 2006 results. Net premiums written decreased 3% to $959.2 million compared to November 2005. Net income increased 58% to $131.9 million compared to November 2005. The combined ratio improved 2.9 percentage points to 87.0 compared to November 2005. Progressive also announced that its Board of Directors confirmed its intention to use a variable dividend formula to determine the annual dividend payout in 2007, replacing quarterly dividends. The variable payout will be based on annual after-tax underwriting income multiplied by a shareholder target factor set by the Board and a gainshare factor between 0-2 depending on growth and profitability.
Progressive reported its results for March 2007. Net income decreased 16% to $131.1 million compared to March 2006. The combined ratio increased 4.9 points to 88.2. For the quarter, net income decreased 17% to $363.5 million and the combined ratio increased 4.3 points to 89.5. Progressive saw unfavorable development from prior accident years, primarily related to larger losses emerging from prior years in commercial auto.
1) The Progressive Corporation reported its October 2006 results including net premiums written of $1,315.8 million, down 1% from October 2005, and net income of $130.1 million, up 73% from the previous year.
2) Progressive's combined ratio was 89.1 for October 2006, an improvement of 5.1 percentage points from 94.2 in October 2005.
3) Progressive offers auto insurance to personal and commercial drivers throughout the United States, writing policies for private passenger vehicles, recreational vehicles, and automobiles and trucks owned by small businesses.
The Progressive Corporation reported its financial results for January 2007. Net premiums written decreased 1% to $1.31 billion compared to January 2006. Net income decreased 11% to $137.7 million compared to the previous year. The combined ratio was 87.8%, an increase of 1.8 percentage points from January 2006. Progressive will hold a conference call on March 2, 2007 to discuss its 2006 annual report and Form 10-K filing with the SEC.
The Progressive Corporation reported its results for May 2005. Net premiums written increased 2% compared to May 2004. Net income increased 16% to $126.1 million, while earnings per share increased 27% to $0.63. The combined ratio improved 0.8 percentage points to 85.8%. Personal lines policies in force grew 11% year-over-year.
The Progressive Corporation reported its financial results for July 2004. Net premiums written increased 7% to $1.298 billion compared to July 2003. Net income grew 18% to $168.1 million, while earnings per share rose 19% to $0.77. The combined ratio improved 3.3 percentage points to 82.6. Personal lines net premiums written grew 6% and commercial auto rose 19%. Progressive continued to experience strong profitability with only two unprofitable markets.
The Progressive Corporation reported its July 2005 results, including:
- Net premiums written increased 8% to $1.403 billion compared to July 2004.
- Net income decreased 14% to $143.9 million compared to July 2004.
- The combined ratio, a measure of profitability, increased 4.3 percentage points to 86.9% compared to July 2004.
- Total policies in force increased 11% to 9.42 million compared to July 2004, driven by growth in personal and commercial auto insurance policies.
The Progressive Corporation reported its November 2004 results, including a 7% increase in net premiums written and an 8% increase in net premiums earned compared to November 2003. Net income decreased 6% to $93.8 million while the combined ratio increased 2.9 percentage points to 89.6%. Personal lines policies in force grew 11% year-over-year while commercial auto policies increased 15%. Growth is slowing across most markets and businesses. Investment income was impacted by $3.8 million in special stock dividends while realized losses included $6 million in common stock impairments.
- The Progressive Corporation reported financial results for July 2007, with net premiums written down 3% from July 2006. Net income was down 20% from the previous year.
- Total personal auto policies in force grew 2% year-over-year, while special lines policies increased 8%. Commercial auto policies were up 7%.
- The combined ratio for July 2007 was 91.3, compared to 86.6 in July 2006, with losses and loss adjustment expenses up and other underwriting expenses down slightly.
The Progressive Corporation announced financial results for December 2006 and the full year 2006. For December, net income increased 13% to $138.9 million compared to December 2005. For the full year, net income increased 18% to $1.647 billion compared to 2005. The company also announced it would hold a conference call on March 2, 2007 to discuss annual results and file its annual report with the SEC.
- The Progressive Corporation reported financial results for February 2004, with net premiums written up 12% and net income up 63% compared to February 2003.
- Net income was $145.1 million or $0.66 per share, with a combined ratio of 83.7%.
- Personal Lines policies in force grew 16% year-over-year while Commercial Auto policies grew 25%. Premium growth rates declined as expected but remained strong.
The Progressive Corporation reported its financial results for August 2006. Progressive's net premiums written increased 1% to $1,099 million compared to August 2005. Net income increased substantially to $122.7 million compared to $56.8 million in August 2005. The combined ratio also improved significantly to 88.5% from 96.3% in the prior year period. Progressive offers auto insurance to both personal and commercial customers throughout the United States.
The Progressive Corporation reported financial results for April 2004, with the following key highlights:
- Net premiums written increased 10% to $1.315 billion compared to April 2003.
- Net income increased 49% to $157.1 million compared to April 2003.
- The combined ratio improved 4.2 percentage points to 84.1% from 88.3% in April 2003.
- Personal lines policies in force grew 16% year-over-year and commercial auto policies grew 24%.
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.
The Progressive Corporation reported its financial results for the third quarter of 2005. Net premiums written increased 7% year-over-year to $10.8 billion. The combined ratio was strong at 90.4% despite losses from Hurricanes Katrina and Rita totaling $185 million. Progressive responded quickly to Katrina, resolving over 90% of claims by the end of October. The company also began offering auto insurance in New Jersey during the quarter.
This document is a Form 10-Q quarterly report filed by Foundation Health Systems, Inc. with the SEC for the quarter ended September 30, 1998. The report includes condensed consolidated financial statements such as the balance sheet, income statements, and cash flow statements for the periods ended September 30, 1998 and 1997. It also includes notes to the financial statements and sections for management discussion/analysis, market risk disclosures, legal proceedings updates, and certifications.
The document provides an overview and analysis of The Progressive Corporation's loss reserving practices and processes in its 2008 report. Some key points:
1) Progressive aims to have total reserves that are adequate to cover all loss costs while having minimal variation over time as losses develop. Accurate reserving is important for achieving its financial goals.
2) It analyzes reserves by "loss reserving segments" with similar characteristics to make the most accurate estimates. Reserves include estimates for reported claims as well as incurred but not reported claims.
3) Loss reserving works closely with pricing and claims to understand trends and ensure consistent data is used. Estimates inform pricing to achieve underwriting targets while not being excessive or
The document is the 2004 annual report of The Progressive Corporation. It includes consolidated statements of income, balance sheets, changes in shareholders' equity, and cash flows for 2004, 2003, and 2002. Some key details:
- Net income for 2004 was $1.65 billion, up from $1.26 billion in 2003.
- Total revenues in 2004 were $13.78 billion, up from $11.89 billion in 2003.
- Total assets as of December 31, 2004 were $17.18 billion, up from $16.28 billion as of December 31, 2003.
- Total shareholders' equity as of December 31, 2004 was $5.16 billion, up from $5.03
The Progressive Corporation reported financial results for January 2005. Net premiums written increased 13% to $1.296 billion compared to January 2004. Net income decreased 8% to $149.8 million while earnings per share remained the same at $0.74. The combined ratio increased 2 points to 85.0 due to higher losses and loss adjustment expenses. Policies in force grew 12% for personal lines and 15% for commercial auto business compared to January 2004.
This document is Health Net, Inc.'s quarterly report filed with the SEC for the quarter ended June 30, 2006. It includes financial statements such as the consolidated statements of operations and cash flows. For the quarter, Health Net reported total revenues of $3.27 billion, net income of $77 million, and basic earnings per share of $0.67. For the six months ended June 30, 2006, total revenues were $6.45 billion and net income was $153.6 million. The report provides Health Net's financial performance and position for the periods presented.
This document is TRW Automotive Holdings Corp.'s proxy statement for its 2007 annual meeting of stockholders. Stockholders will vote on two proposals at the meeting: (1) electing three directors to three-year terms, with John C. Plant, Neil P. Simpkins and Jody G. Miller nominated for re-election; and (2) ratifying Ernst & Young LLP as TRW's independent public accountants for 2007. Affiliates of The Blackstone Group own a majority of TRW's stock and intend to vote in favor of management's proposals, ensuring a quorum and approval of the proposals. The meeting will be held on May 14, 2007.
The document is Amgen's 2006 annual report which discusses the company's performance and pipeline. It highlights that Amgen delivered excellent financial performance in 2006 with revenue and adjusted earnings per share growing 15% and 22% respectively. A key achievement was receiving FDA approval for Vectibix to treat metastatic colorectal cancer. The report discusses Amgen's large R&D investment and progress, including discovering new molecules and conducting clinical trials. It outlines Amgen's pipeline for developing new treatments for cancer, osteoporosis, diabetes and other diseases. The report expresses confidence in Amgen's ability to deliver innovative new medicines to patients based on its financial results, capabilities, and commitment to serving patients.
The Progressive Corporation reported financial results for August 2005. Net premiums earned increased 6% year-over-year to $1.069 billion. However, net income decreased 43% to $56.8 million due to a 7.1 point increase in the combined ratio to 96.3, driven by $119.5 million in losses from Hurricane Katrina. The company also reported results for the year to date, with net premiums earned up 7% to $9.211 billion and net income down 10% to $1.007 billion. Policies in force grew 10% year-over-year for personal lines and 12% for commercial auto.
This document is a SEC Form 10-K annual report filed by Health Net, Inc. for the fiscal year ending December 31, 2001. It provides an overview of Health Net's business operations, including that it operates within two segments: Health Plan Services and Government Contracts/Specialty Services. Health Plan Services includes commercial HMO, PPO, and POS health plans in several states serving over 4 million members. Government Contracts oversees contracts with government programs like TRICARE and Specialty Services offers supplemental vision, dental and behavioral health programs. Membership details and information about Health Net's operations in different states is also provided.
This document is a Form 10-Q quarterly report filed by Foundation Health Systems, Inc. with the SEC for the quarter ended September 30, 1999. The report includes condensed consolidated financial statements such as the balance sheet, income statement, and cash flow statement. It also includes notes to the financial statements and sections for management's discussion of financial results, market risk disclosures, legal proceedings, and other required disclosures.
This document provides financial results and an outlook for TRW Automotive Holdings Corp. for the second quarter and first half of 2008. It includes a press release summarizing key financial figures, as well as supplementary financial summaries and presentation slides. For the second quarter, TRW reported sales of $4.4 billion, an 18.4% increase from the prior year, and net earnings of $127 million. For the first half, sales were $8.6 billion, up 17.3%, and net earnings were $221 million. The company increased its full year 2008 sales and earnings guidance but noted deteriorating conditions in North America and expectations of a softening European market.
The Progressive Corporation reported its October 2005 results. Net premiums written increased 4% to $1.328 billion compared to October 2004. Net income decreased 46% to $75.4 million compared to the same period last year. The combined ratio was 94.2, a deterioration of 7.2 points from October 2004, due to $84.4 million in losses from Hurricanes Wilma and Katrina. Progressive provides auto insurance to personal and commercial drivers throughout the US.
The Progressive Corporation reported its November 2004 results, including a 7% increase in net premiums written and an 8% increase in net premiums earned compared to November 2003. Net income decreased 6% to $93.8 million while the combined ratio increased 2.9 percentage points to 89.6%. Personal lines policies in force grew 11% year-over-year while commercial auto policies increased 15%. Growth is slowing across most markets and businesses. Investment income was impacted by $3.8 million in special stock dividends while realized losses included $6 million in common stock impairments.
- The Progressive Corporation reported financial results for July 2007, with net premiums written down 3% from July 2006. Net income was down 20% from the previous year.
- Total personal auto policies in force grew 2% year-over-year, while special lines policies increased 8%. Commercial auto policies were up 7%.
- The combined ratio for July 2007 was 91.3, compared to 86.6 in July 2006, with losses and loss adjustment expenses up and other underwriting expenses down slightly.
The Progressive Corporation announced financial results for December 2006 and the full year 2006. For December, net income increased 13% to $138.9 million compared to December 2005. For the full year, net income increased 18% to $1.647 billion compared to 2005. The company also announced it would hold a conference call on March 2, 2007 to discuss annual results and file its annual report with the SEC.
- The Progressive Corporation reported financial results for February 2004, with net premiums written up 12% and net income up 63% compared to February 2003.
- Net income was $145.1 million or $0.66 per share, with a combined ratio of 83.7%.
- Personal Lines policies in force grew 16% year-over-year while Commercial Auto policies grew 25%. Premium growth rates declined as expected but remained strong.
The Progressive Corporation reported its financial results for August 2006. Progressive's net premiums written increased 1% to $1,099 million compared to August 2005. Net income increased substantially to $122.7 million compared to $56.8 million in August 2005. The combined ratio also improved significantly to 88.5% from 96.3% in the prior year period. Progressive offers auto insurance to both personal and commercial customers throughout the United States.
The Progressive Corporation reported financial results for April 2004, with the following key highlights:
- Net premiums written increased 10% to $1.315 billion compared to April 2003.
- Net income increased 49% to $157.1 million compared to April 2003.
- The combined ratio improved 4.2 percentage points to 84.1% from 88.3% in April 2003.
- Personal lines policies in force grew 16% year-over-year and commercial auto policies grew 24%.
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.
The Progressive Corporation reported its financial results for the third quarter of 2005. Net premiums written increased 7% year-over-year to $10.8 billion. The combined ratio was strong at 90.4% despite losses from Hurricanes Katrina and Rita totaling $185 million. Progressive responded quickly to Katrina, resolving over 90% of claims by the end of October. The company also began offering auto insurance in New Jersey during the quarter.
This document is a Form 10-Q quarterly report filed by Foundation Health Systems, Inc. with the SEC for the quarter ended September 30, 1998. The report includes condensed consolidated financial statements such as the balance sheet, income statements, and cash flow statements for the periods ended September 30, 1998 and 1997. It also includes notes to the financial statements and sections for management discussion/analysis, market risk disclosures, legal proceedings updates, and certifications.
The document provides an overview and analysis of The Progressive Corporation's loss reserving practices and processes in its 2008 report. Some key points:
1) Progressive aims to have total reserves that are adequate to cover all loss costs while having minimal variation over time as losses develop. Accurate reserving is important for achieving its financial goals.
2) It analyzes reserves by "loss reserving segments" with similar characteristics to make the most accurate estimates. Reserves include estimates for reported claims as well as incurred but not reported claims.
3) Loss reserving works closely with pricing and claims to understand trends and ensure consistent data is used. Estimates inform pricing to achieve underwriting targets while not being excessive or
The document is the 2004 annual report of The Progressive Corporation. It includes consolidated statements of income, balance sheets, changes in shareholders' equity, and cash flows for 2004, 2003, and 2002. Some key details:
- Net income for 2004 was $1.65 billion, up from $1.26 billion in 2003.
- Total revenues in 2004 were $13.78 billion, up from $11.89 billion in 2003.
- Total assets as of December 31, 2004 were $17.18 billion, up from $16.28 billion as of December 31, 2003.
- Total shareholders' equity as of December 31, 2004 was $5.16 billion, up from $5.03
The Progressive Corporation reported financial results for January 2005. Net premiums written increased 13% to $1.296 billion compared to January 2004. Net income decreased 8% to $149.8 million while earnings per share remained the same at $0.74. The combined ratio increased 2 points to 85.0 due to higher losses and loss adjustment expenses. Policies in force grew 12% for personal lines and 15% for commercial auto business compared to January 2004.
This document is Health Net, Inc.'s quarterly report filed with the SEC for the quarter ended June 30, 2006. It includes financial statements such as the consolidated statements of operations and cash flows. For the quarter, Health Net reported total revenues of $3.27 billion, net income of $77 million, and basic earnings per share of $0.67. For the six months ended June 30, 2006, total revenues were $6.45 billion and net income was $153.6 million. The report provides Health Net's financial performance and position for the periods presented.
This document is TRW Automotive Holdings Corp.'s proxy statement for its 2007 annual meeting of stockholders. Stockholders will vote on two proposals at the meeting: (1) electing three directors to three-year terms, with John C. Plant, Neil P. Simpkins and Jody G. Miller nominated for re-election; and (2) ratifying Ernst & Young LLP as TRW's independent public accountants for 2007. Affiliates of The Blackstone Group own a majority of TRW's stock and intend to vote in favor of management's proposals, ensuring a quorum and approval of the proposals. The meeting will be held on May 14, 2007.
The document is Amgen's 2006 annual report which discusses the company's performance and pipeline. It highlights that Amgen delivered excellent financial performance in 2006 with revenue and adjusted earnings per share growing 15% and 22% respectively. A key achievement was receiving FDA approval for Vectibix to treat metastatic colorectal cancer. The report discusses Amgen's large R&D investment and progress, including discovering new molecules and conducting clinical trials. It outlines Amgen's pipeline for developing new treatments for cancer, osteoporosis, diabetes and other diseases. The report expresses confidence in Amgen's ability to deliver innovative new medicines to patients based on its financial results, capabilities, and commitment to serving patients.
The Progressive Corporation reported financial results for August 2005. Net premiums earned increased 6% year-over-year to $1.069 billion. However, net income decreased 43% to $56.8 million due to a 7.1 point increase in the combined ratio to 96.3, driven by $119.5 million in losses from Hurricane Katrina. The company also reported results for the year to date, with net premiums earned up 7% to $9.211 billion and net income down 10% to $1.007 billion. Policies in force grew 10% year-over-year for personal lines and 12% for commercial auto.
This document is a SEC Form 10-K annual report filed by Health Net, Inc. for the fiscal year ending December 31, 2001. It provides an overview of Health Net's business operations, including that it operates within two segments: Health Plan Services and Government Contracts/Specialty Services. Health Plan Services includes commercial HMO, PPO, and POS health plans in several states serving over 4 million members. Government Contracts oversees contracts with government programs like TRICARE and Specialty Services offers supplemental vision, dental and behavioral health programs. Membership details and information about Health Net's operations in different states is also provided.
This document is a Form 10-Q quarterly report filed by Foundation Health Systems, Inc. with the SEC for the quarter ended September 30, 1999. The report includes condensed consolidated financial statements such as the balance sheet, income statement, and cash flow statement. It also includes notes to the financial statements and sections for management's discussion of financial results, market risk disclosures, legal proceedings, and other required disclosures.
This document provides financial results and an outlook for TRW Automotive Holdings Corp. for the second quarter and first half of 2008. It includes a press release summarizing key financial figures, as well as supplementary financial summaries and presentation slides. For the second quarter, TRW reported sales of $4.4 billion, an 18.4% increase from the prior year, and net earnings of $127 million. For the first half, sales were $8.6 billion, up 17.3%, and net earnings were $221 million. The company increased its full year 2008 sales and earnings guidance but noted deteriorating conditions in North America and expectations of a softening European market.
The Progressive Corporation reported its October 2005 results. Net premiums written increased 4% to $1.328 billion compared to October 2004. Net income decreased 46% to $75.4 million compared to the same period last year. The combined ratio was 94.2, a deterioration of 7.2 points from October 2004, due to $84.4 million in losses from Hurricanes Wilma and Katrina. Progressive provides auto insurance to personal and commercial drivers throughout the US.
The Progressive Corporation 2008 Annual Report summarizes the company's performance for the year. Key points include:
- Progressive reported its first net loss in 26 years due to challenging market conditions including declining auto insurance rates and rising economic uncertainty.
- However, the company's 94.6 combined ratio for the year was in line with its target of 96, demonstrating responsive pricing and cost control. 42 of its 50 states were profitable.
- Total policies in force grew 3% to over 10 million, driven by strong growth in its direct auto business, though overall premium growth was modest at 1% due to prolonged rate reductions.
- A pretax underwriting income of $735 million was an acceptable result given the
The Progressive Corporation reported financial results for February 2007, with the following key details:
- Net income was $94.7 million, down 25% from February 2006. Earnings per share were $0.13, down 21%.
- Net written premiums decreased 1% to $1,194.5 million.
- The combined ratio was 92.8%, up 6.5 percentage points from the prior year, driven by unfavorable development of prior accident year losses.
- Total policies in force increased 3% to over 9.85 million personal lines policies and 508,000 commercial auto policies.
The Progressive Corporation reported its financial results for July 2004. Net premiums written increased 7% to $1.298 billion compared to July 2003. Net income grew 18% to $168.1 million, while earnings per share rose 19% to $0.77. The combined ratio improved 3.3 percentage points to 82.6. Personal lines net premiums written grew 6% and commercial auto rose 19%. Progressive continued to experience strong profitability with only two unprofitable markets.
Progressive reported its results for March 2007. Net income decreased 16% to $131.1 million compared to March 2006. The combined ratio, a measure of profitability, increased 4.9 percentage points to 88.2. Unfavorable development from prior accident years in commercial auto contributed to higher losses. Policies in force grew 3% overall year-over-year, with higher growth in direct auto and special lines.
The Progressive Corporation reported its July 2006 results:
- Net premiums written increased 2% to $1.427 billion and net income increased 3% to $148.8 million compared to July 2005.
- The combined ratio improved slightly to 86.6% from 86.9% in July 2005.
- Progressive also announced a joint marketing agreement with Homesite Insurance to offer homeowners insurance to eligible auto insurance customers in a three-state test program by the end of 2006.
The Progressive Corporation reported its July 2006 results, including:
- Net premiums written increased 2% to $1.427 billion and net income increased 3% to $148.8 million compared to July 2005.
- Earnings per share increased 6% to $0.19.
- The combined ratio improved slightly to 86.6% from 86.9% in July 2005.
- Progressive also announced a joint marketing agreement with Homesite Insurance to offer homeowners insurance to eligible auto insurance customers in a three-state test program by the end of 2006.
The Progressive Corporation reported financial results for July 2005:
- Net premiums written increased 8% to $1,403.2 million compared to July 2004.
- Net income decreased 14% to $143.9 million compared to July 2004.
- The combined ratio was 86.9%, 4.3 percentage points higher than July 2004.
- Progressive offers auto insurance to personal and commercial drivers throughout the US.
The Progressive Corporation reported its April 2008 results. Net premiums written decreased 2% to $1.4 billion. Net income decreased 20% to $108.9 million. The combined ratio increased 2.9 points to 91.7%. Policies in force increased for personal auto and special lines but decreased for commercial auto. Progressive provides auto insurance through both independent agencies and direct channels.
The Progressive Corporation reported its April 2008 results. Net premiums written decreased 2% to $1.4 billion. Net income decreased 20% to $108.9 million. The combined ratio increased 2.9 points to 91.7%. Policies in force increased for personal auto and special lines but decreased for commercial auto. Progressive provides auto insurance through independent agencies and direct channels.
The Progressive Corporation reported its financial results for January 2007. Net premiums written decreased 1% to $1.314 billion compared to January 2006. Net income decreased 11% to $137.7 million, while earnings per share decreased 5% to $0.18. The combined ratio increased 1.8 percentage points to 87.8%. Progressive will hold a conference call on March 2, 2007 to discuss its 2006 annual report and Form 10-K filing with the SEC.
The Progressive Corporation reported financial results for October 2006. Net premiums written decreased 1% to $1.315 billion while net premiums earned increased 1% to $1.354 billion. Net income increased 73% to $130.1 million compared to October 2005. The combined ratio improved to 89.1% from 94.2% in October 2005. For the year-to-date period, net premiums written increased 1% to $12.253 billion and net income grew 16% to $1.376 billion. The company's book value per share was $8.98 and return on equity was 24.8% for the trailing twelve months.
- The Progressive Corporation reported financial results for July 2007, with net premiums written down 3% from July 2006. Net income was down 20% from the previous year.
- Total personal auto policies in force grew 2% year-over-year, while special lines policies increased 8%. Commercial auto policies were up 7%.
- The combined ratio for July 2007 was 91.3, compared to 86.6 in July 2006, with losses and loss adjustment expenses up and other underwriting expenses down slightly.
The Progressive Corporation announced financial results for December 2006 and the full year 2006. For December, net income increased 13% year-over-year to $138.9 million. For the full year, net income increased 18% to $1.647.5 billion. Progressive will hold a conference call on March 2, 2007 to discuss full year 2006 results.
The Progressive Corporation reported its November 2006 results. Net premiums written decreased 3% to $959.2 million compared to November 2005. Net income increased 58% to $131.9 million compared to November 2005. The combined ratio improved 2.9 percentage points to 87.0 compared to November 2005. Progressive also announced that its Board of Directors confirmed its intention to use a variable dividend formula to determine the annual dividend payout in 2007, replacing quarterly dividends. The variable payout will be based on annual after-tax underwriting income multiplied by a shareholder target factor set by the Board and a gainshare factor between 0-2 depending on growth and profitability.
The Progressive Corporation reported its financial results for August 2006. Progressive's net premiums written increased 1% to $1,099 million compared to August 2005. Net income increased substantially to $122.7 million compared to $56.8 million in August 2005. The combined ratio also improved significantly to 88.5% from 96.3% in the prior year period. Progressive offers auto insurance to both personal and commercial customers throughout the United States.
Progressive Corporation hosted its 2007 Investor Relations Meeting on June 14th, 2007. The meeting included presentations and a question and answer session, and was available via webcast and phone. Progressive also reported its May 2007 results, including a 3% decrease in net premiums written compared to May 2006, and a 35% decrease in net income. Policies in force increased slightly across personal and commercial auto insurance. The company also provided supplemental financial information for May 2007 and year-to-date.
Progressive Corporation hosted its 2007 Investor Relations Meeting on June 14th, 2007. The meeting included presentations and a question and answer session, and was available via webcast and phone. Progressive also reported its May 2007 results, including a 3% decrease in net premiums written compared to May 2006, and a 35% decrease in net income. Policies in force increased slightly across personal and commercial auto insurance. The company also provided supplemental financial information for May 2007 and year-to-date.
- 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.
The Progressive Corporation reported financial results for April 2004, with the following key highlights:
- Net premiums written increased 10% to $1.315 billion compared to April 2003.
- Net income increased 49% to $157.1 million compared to April 2003.
- The combined ratio improved 4.2 percentage points to 84.1% from 88.3% in April 2003, due to favorable reserve development.
- Policies in force grew 16% in personal lines and 24% in commercial auto business compared to April 2003.
The Progressive Corporation reported its results for May 2005. Net premiums written increased 2% compared to May 2004. Net income increased 16% to $126.1 million, while earnings per share increased 27% to $0.63. The combined ratio improved 0.8 percentage points to 85.8%. Personal lines policies in force grew 11% year-over-year.
1) The Progressive Corporation reported financial results for April 2006, including a 4% increase in net premiums written and earned compared to April 2005. Net income increased 8% to $159.6 million.
2) Progressive offers personal and commercial auto insurance throughout the US. It experienced $26.1 million in losses from April storms, accounting for 1.9 combined ratio points.
3) For the year-to-date period ending April 2006, net premiums written and earned increased 3-4% compared to the same period in 2005, while net income grew 6% to $596.2 million.
This document provides supplementary financial information for The Chubb Corporation for the quarter ending March 31, 2005. It includes:
- Consolidated balance sheet highlights showing total invested assets of $31.9 billion.
- Summaries of invested assets by corporate and property/casualty segments.
- Investment income after taxes for corporate and property/casualty segments.
- Property/casualty insurance group statutory surplus of $8.25 billion.
- Changes in net unpaid losses for various lines of business.
- Worldwide underwriting results by line of business, showing a total statutory underwriting income of $134.4 million.
The document provides supplementary investor information from The Chubb Corporation as of June 30, 2005. It includes:
- Consolidated balance sheet highlights showing total invested assets of $32.9 billion including fixed maturities and equity securities.
- Summaries of invested assets for Chubb's Corporate and Property & Casualty segments totaling over $31 billion.
- Investment income after taxes for the second quarter and first half of 2005, with Property & Casualty investment income of $261 million and $513 million respectively.
- Property & Casualty underwriting results for the second quarter and first half of 2005, including a $4.3 billion statutory policyholders' surplus for the P
Supplementary Investor Information Y13880_Edgar_992_0333_finance18
The document provides supplementary investor information for The Chubb Corporation for the third quarter of 2005, including:
1) Consolidated balance sheet highlights and summaries of invested assets for both corporate and property/casualty segments.
2) Property/casualty underwriting results for the first nine months of 2005, showing a statutory underwriting income of $293.6 million.
3) Details of changes in net unpaid losses and the estimated impact of catastrophes including Hurricane Katrina of $511 million pre-tax cost.
The document provides supplementary investor information for The Chubb Corporation as of December 31, 2005. It includes a consolidated balance sheet, details on share repurchase activity, summaries of invested assets and investment income for both corporate and property & casualty segments. It also provides property & casualty underwriting results for 2005 and 2004, including net premiums written and earned, losses incurred and expenses by line of business.
This document provides supplementary financial information for The Chubb Corporation as of March 31, 2006. It includes consolidated balance sheet highlights, share repurchase activity, summaries of invested assets for corporate and property & casualty segments, investment income after taxes, statutory policyholders' surplus, changes in net unpaid losses, and underwriting results for personal, commercial, and specialty insurance lines of business. Key metrics such as loss ratios, expense ratios, and combined ratios are also presented.
This document provides supplementary investor information from The Chubb Corporation for the period ending June 30, 2006. It includes consolidated balance sheet highlights, share repurchase activity, summaries of invested assets, investment income after taxes, statutory policyholders' surplus, changes in net unpaid losses, and underwriting results by line of business for year-to-date and quarterly periods. Key metrics such as loss ratios, expense ratios, and combined ratios are presented.
The document provides financial information for The Chubb Corporation as of September 30, 2006. It includes highlights of consolidated balance sheet items, share repurchase activity, summaries of invested assets and investment income for both corporate and property/casualty segments. Details are also given on property/casualty underwriting results for various lines of business on a year-to-date and quarterly basis, including ratios and comparisons to prior periods. Key terms are defined at the end.
This document provides supplementary investor information from The Chubb Corporation for the period ending December 31, 2006. It includes highlights of consolidated balance sheet items, summaries of invested assets, investment income after taxes, statutory policyholders' surplus, changes in unpaid losses, and worldwide property and casualty underwriting results for 2006 and 2005. Specifically, total invested assets increased to $37.7 billion in 2006 from $34.6 billion in 2005. Net income after taxes from investments was $1.2 billion for property and casualty in 2006. Statutory policyholders' surplus grew to $11.3 billion in 2006 from $8.9 billion in 2005.
This document provides a summary of financial information for The Chubb Corporation as of March 31, 2007. Some key highlights include:
- Total invested assets were $38.7 billion as of March 31, 2007, with fixed maturities making up the majority.
- Statutory policyholders' surplus for Chubb's property and casualty insurance group was estimated at $11.95 billion as of March 31, 2007, with a ratio of statutory net premiums written to surplus of 1.00 to 1.
- For the three months ended March 31, 2007, Chubb's worldwide property and casualty underwriting results showed a total underwriting income of $202 million for personal insurance and $144 million
This document provides supplementary investor information from The Chubb Corporation for the period ending June 30, 2007. It includes highlights of Chubb's consolidated balance sheet, share repurchase activity, summaries of invested assets for Corporate and Property & Casualty segments, and investment income after taxes. Key metrics provided are total invested assets of $39.5 billion, shareholders' equity of $13.8 billion, and year-to-date Property & Casualty investment income of $360 million.
This document provides supplementary investor information for The Chubb Corporation, including consolidated balance sheet highlights, share repurchase activity, summaries of invested assets, investment income after taxes, statutory policyholders' surplus, changes in net unpaid losses, and underwriting results for both the nine months and quarters ended September 30, 2007 and 2006. Key figures include total invested assets of $40.5 billion, shareholders' equity of $14.2 billion, and worldwide property and casualty underwriting income of $543 million for the nine months ended September 30, 2007.
This document provides supplementary financial information for The Chubb Corporation as of December 31, 2007. It includes highlights of consolidated balance sheets, share repurchase activity, summaries of invested assets, investment income after taxes for corporate and property/casualty divisions, statutory policyholder surplus, changes in unpaid losses, and underwriting results by line of business for 2007 and 2006.
This document provides financial information about Chubb Corporation's property and casualty underwriting results for 2007 and 2006. It summarizes key metrics like net premiums written, losses incurred, expenses incurred, underwriting income, and combined loss/expense ratios for different business lines including personal, commercial, and specialty insurance. It also notes that beginning in 2008, foreign currency fluctuations will be accounted for differently in the reporting of losses paid and outstanding losses. Overall underwriting income increased from $1.886 billion to $2.064 billion from 2006 to 2007.
The document provides supplementary financial information for Chubb Corporation as of March 31, 2008. Key highlights include:
- Total invested assets were $40.1 billion, with fixed maturities making up the majority.
- Statutory policyholders' surplus for property and casualty insurance was estimated at $13.3 billion, with a ratio of net premiums written to surplus of 0.9 to 1.
- For the three months ended March 31, 2008, worldwide underwriting resulted in a total profit of $138 million for commercial lines and $164 million for personal lines. Loss and expense ratios remained high but stable.
The document is a report from The Chubb Corporation detailing changes to how losses are presented in their property and casualty underwriting results. Specifically, beginning in Q3 2008, foreign currency fluctuations will impact "net losses paid" and "increase (decrease) in outstanding losses" differently than before. The report provides definitions, ratios, and quarterly underwriting results for Q1 2008 and 2007 to reflect these presentation modifications. Incurred losses remain unchanged.
This document provides supplementary investor information from The Chubb Corporation, including:
- Consolidated balance sheet highlights and share repurchase activity as of June 30, 2008.
- Summaries of invested assets for Corporate and Property & Casualty segments.
- Investment income after taxes for Corporate and Property & Casualty segments for the second quarter and first six months of 2008 versus 2007.
- Property & Casualty statutory policyholders' surplus, change in net unpaid losses, and underwriting results by line of business for the first half of 2008 versus the same period in 2007.
This document from Chubb Corporation reports modifications to the presentation of losses incurred in property and casualty underwriting results for the six months ended June 30, 2008 and 2007. Specifically, it notes that beginning in Q3 2008, foreign currency fluctuations will be reflected differently in "net losses paid" and "increase (decrease) in outstanding losses", though incurred losses remain unchanged. It provides definitions of key terms like underwriting income/loss and combined loss/expense ratio used to evaluate underwriting performance. The document then presents detailed underwriting results by line of business and geographic region.
This document provides supplementary investor information from The Chubb Corporation for the quarter ending September 30, 2008. It includes a consolidated balance sheet, share repurchase activity, summaries of invested assets for corporate and property & casualty divisions, and investment income and underwriting results. Beginning in Q3 2008, foreign currency fluctuations will impact property & casualty loss reporting differently than in the past.
This document provides supplementary financial information for The Chubb Corporation as of December 31, 2008. It includes highlights of the consolidated balance sheet, share repurchase activity, summaries of invested assets for the Corporate and Property and Casualty segments, and investment income. It also contains information on statutory policyholders' surplus, changes in unpaid losses, and underwriting results for year-to-date and quarterly periods for the Property and Casualty Insurance Group. Key terms are defined at the end.
Understanding how timely GST payments influence a lender's decision to approve loans, this topic explores the correlation between GST compliance and creditworthiness. It highlights how consistent GST payments can enhance a business's financial credibility, potentially leading to higher chances of loan approval.
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progressive mreport-04/07
1. NEWS
RELEASE
The Progressive Corporation Company Contact:
6300 Wilson Mills Road Patrick Brennan
Mayfield Village, Ohio 44143 (440) 395-2370
http://www.progressive.com
PROGRESSIVE DISTRIBUTES APRIL RESULTS
MAYFIELD VILLAGE, OHIO -- May 16, 2007 -- The Progressive Corporation today reported the following results for April 2007:
($ in millions, except per share April April
2007 2006 Change
amounts)
Net premiums written $1,437.4 $1,489.8 (4)%
Net premiums earned 1,353.8 1,369.7 (1)%
Net income 136.7 159.6 (14)%
Per share .19 .20 (8)%
Combined ratio 88.8 85.9 2.9 pts.
Policies in Force: (in thousands)
Total Personal Auto 7,036.0 6,962.5 1%
Total Special Lines 2,976.5 2,784.0 7%
Total Commercial Auto 522.9 491.4 6%
Progressive offers insurance to personal and commercial auto drivers throughout the United States. Our Personal Lines Businesses write
insurance for private passenger automobiles and recreational vehicles. Our Commercial Auto Business writes primary liability, physical
damage and other auto-related insurance for automobiles and trucks owned by small businesses.
See the “Income Statements” and “Supplemental Information” for further month and year-to-date information and the “Monthly
Commentary” at the end of this release for additional discussion.
-1-
2. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
INCOME STATEMENT
April 2007
(millions – except per share amounts)
(unaudited)
Current
Comments on Monthly Results1
Month
Net premiums written $1,437.4
Revenues:
Net premiums earned $1,353.8
Investment income 49.9
Net realized gains (losses) on securities 7.9
Service revenues 2.4
Total revenues 1,414.0
Expenses:
Losses and loss adjustment expenses 915.7
137.4
Policy acquisition costs
Other underwriting expenses 149.4
Investment expenses 1.2
Service expenses 2.0
Interest expense 6.2
Total expenses 1,211.9
Income before income taxes 202.1
Provision for income taxes 65.4
Net income $136.7
COMPUTATION OF EARNINGS PER SHARE
Basic:
Average shares outstanding 726.3
Per share $.19
Diluted:
Average shares outstanding 726.3
Net effect of dilutive stock-based
compensation 7.5
Total equivalent shares 733.8
Per share $.19
1
See the Monthly Commentary at the end of this release for additional discussion. For a description of our reporting and accounting
policies, see Note 1 to our 2006 audited consolidated financial statements included in our 2006 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 .5%
Common stocks 4.2%
Total portfolio 1.1%
Pretax recurring investment book yield 4.3%
-2-
3. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
INCOME STATEMENTS
April 2007 Year-to-Date
(millions – except per share amounts)
(unaudited)
Year-to-Date
%
2007 2006 Change
Net premiums written $5,084.1 $5,166.5 (2)
Revenues:
Net premiums earned $4,847.6 $4,870.2 0
Investment income 213.4 200.5 6
Net realized gains (losses) on securities 31.2 4.5 593
Service revenues 8.6 11.4 (25)
Total revenues 5,100.8 5,086.6 0
Expenses:
Losses and loss adjustment expenses 3,316.2 3,188.4 4
Policy acquisition costs 492.6 503.4 (2)
Other underwriting expenses 520.9 468.6 11
Investment expenses 4.0 3.9 3
Service expenses 7.2 9.1 (21)
Interest expense 25.1 27.2 (8)
Total expenses 4,366.0 4,200.6 4
Income before income taxes 734.8 886.0 (17)
Provision for income taxes 234.6 289.8 (19)
Net income $500.2 $596.2 (16)
COMPUTATION OF EARNINGS PER SHARE
Basic:
Average shares outstanding 734.9 780.1 (6)
Per share $.68 $.76 (11)
Diluted:
Average shares outstanding 734.9 780.1 (6)
Net effect of dilutive stock-based
compensation 7.5 10.3 (27)
Total equivalent shares 742.4 790.4 (6)
Per share $.67 $.75 (11)
The following table sets forth the investment results for the year-to-date period:
2007 2006
Fully taxable equivalent total return:
Fixed-income securities 2.3% .6%
Common stocks 5.7% 6.2%
Total portfolio 2.8% 1.4%
Pretax recurring investment book yield 4.6% 4.4%
-3-
4. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
April 2007
($ in millions)
(unaudited)
Current Month
Commercial
Personal Lines Auto Other Companywide
Businesses1
Agency Direct Total Business Total
Net Premiums Written $787.5 $438.6 $1,226.1 $209.2 $2.1 $1,437.4
% Growth in NPW (5)% (1)% (4)% (3)% NM (4)%
Net Premiums Earned $748.3 $424.6 $1,172.9 $178.8 $2.1 $1,353.8
% Growth in NPE (3)% 1% (2)% 1% NM (1)%
GAAP Ratios
Loss/LAE ratio 69.2 67.9 68.8 60.6 NM 67.6
Expense ratio 21.4 20.8 21.1 20.9 NM 21.2
Combined ratio 90.6 88.7 89.9 81.5 NM 88.8
Actuarial Adjustments2
Reserve Decrease/(Increase)
Prior accident years $5.8
Current accident year --
Calendar year actuarial adjustment $2.7 $.7 $3.4 $2.4 $0 $5.8
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment $5.8
All other development (27.4)
Total development $(21.6)
Calendar year loss/LAE ratio 67.6
Accident year loss/LAE ratio 66.0
Statutory Ratios
Loss/LAE ratio 67.7
Expense ratio 20.7
Combined ratio 88.4
NM = Not Meaningful
1
Primarily includes professional liability insurance for community banks and Progressive’s run-off businesses. The other
businesses generated an underwriting profit of $.4 million for the month.
2
Represents adjustments solely based on our corporate actuarial reviews.
-4-
5. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
April 2007 Year-to-Date
($ in millions)
(unaudited)
Year-to-Date
Commercial
Personal Lines Auto Other Companywide
Businesses1
Agency Direct Total Business Total
Net Premiums Written $2,776.1 $1,600.2 $4,376.3 $700.0 $7.8 $5,084.1
% Growth in NPW (3)% 1% (2)% (2)% NM (2)%
Net Premiums Earned $2,683.2 $1,516.5 $4,199.7 $640.1 $7.8 $4,847.6
% Growth in NPE (3)% 2% (1)% 3% NM 0%
GAAP Ratios
Loss/LAE ratio 69.7 68.1 69.1 64.2 NM 68.4
Expense ratio 21.1 20.5 20.9 20.4 NM 20.9
Combined ratio 90.8 88.6 90.0 84.6 NM 89.3
Actuarial Adjustments2
Reserve Decrease/(Increase)
Prior accident years $34.9
Current accident year 1.8
Calendar year actuarial adjustment $19.0 $10.8 $29.8 $6.9 $0 $36.7
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment $34.9
All other development (26.2)
Total development $8.7
Calendar year loss/LAE ratio 68.4
Accident year loss/LAE ratio 68.6
Statutory Ratios
Loss/LAE ratio 68.5
Expense ratio 20.4
Combined ratio 88.9
$5,599.8
Statutory Surplus
NM = Not Meaningful
April April
2007 2006 Change
Policies in Force
(in thousands)
Agency – Auto 4,519.1 4,563.1 (1)%
Direct – Auto 2,516.9 2,399.4 5%
Special Lines3 2,976.5 2,784.0 7%
Total Personal Lines 10,012.5 9,746.5 3%
Commercial Auto Business 522.9 491.4 6%
1
The other businesses generated an underwriting profit of $1.0 million.
2
Represents adjustments solely based on our corporate actuarial reviews.
3
Includes insurance for motorcycles, recreational vehicles, mobile homes, watercraft, snowmobiles and similar items, as well as a
personal umbrella product.
-5-
6. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
BALANCE SHEET AND OTHER INFORMATION
(millions - except per share amounts)
(unaudited)
April
2007
CONDENSED GAAP BALANCE SHEET:1
Investments – Available-for-sale, at fair value:
Fixed maturities (amortized cost: $10,141.1) $10,169.7
Equity securities:
Preferred stocks2 (cost: $1,841.8) 1,865.5
Common equities (cost: $1,476.4) 2,483.4
Short-term investments (amortized cost: $775.5) 775.5
Total investments3 15,294.1
Net premiums receivable 2,656.9
Deferred acquisition costs 462.7
Other assets 1,804.6
Total assets $20,218.3
Unearned premiums $4,571.2
Loss and loss adjustment expense reserves 5,742.0
Other liabilities3 1,731.7
Debt 1,185.7
Shareholders’ equity 6,987.7
Total liabilities and shareholders’ equity $20,218.3
Common Shares outstanding 730.0
Shares repurchased – April 6.6
Average cost per share $23.27
Book value per share $9.57
Trailing 12-month return on average shareholders’ equity 23.0%
Net unrealized pretax gains on investments $1,058.4
Increase (decrease) from March 2007 $101.0
Increase (decrease) from December 2006 $140.2
Debt-to-total capital ratio 14.5%
Fixed-income portfolio duration 2.8 years
Weighted average credit quality AA
Year-to-date Gainshare factor .78
1
Loss and loss adjustment expense reserves are stated gross of reinsurance recoverables on unpaid
losses of $335.7 million.
2
As of April 30, 2007, we held certain hybrid securities and recognized a change in fair value of $.9
million as realized gains during the period we held these securities.
3
Amounts include net unsettled security acquisitions, including repurchase commitments, of $284.6
million.
-6-
7. Monthly Commentary
• In April, the unfavorable prior accident year “All other development” primarily related to an increase in bodily injury severity
driven by our larger personal auto claims.
About Progressive
The Progressive Group of Insurance Companies, in business since 1937, is the country’s third largest auto insurance group and largest
seller of motorcycle and personal watercraft policies based on premiums written, and is a market leader in commercial auto insurance.
Progressive is committed to becoming consumers’ #1 choice for auto insurance by providing competitive products and rates that meet
drivers’ needs throughout their lifetimes, superior online and in-person customer service, and best-in-class, 24-hour claims service,
including our concierge level of claims service available at service centers throughout the United States.
Progressive companies offer consumers choices in how to shop for, buy and manage their auto insurance policies. The Agency Business
sells Progressive Drive Insurance private passenger auto insurance through more than 30,000 independent agencies. To find an agent, go
to www.driveinsurance.com. The Direct Business sells Progressive Direct® private passenger auto insurance online at
www.progressive.com and by phone at 1-800-PROGRESSIVE. Both businesses also offer Progressive’s other insurance products,
including Progressive Commercial, Progressive Motorcycle and Progressive Boat. Each business makes independent decisions about
private passenger auto insurance product design and pricing. Progressive and Drive are registered trademarks.
The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, are publicly traded at
NYSE:PGR. For more information, including a guide to interpreting the monthly reporting package, please visit 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 our pricing and loss reserving methodologies; the competitiveness of our pricing and the
effectiveness of our initiatives to retain more customers; initiatives by competitors and the effectiveness of our response; our ability to
obtain regulatory approval for requested rate changes and the timing thereof; the effectiveness of our brand strategy and advertising
campaigns relative to those of competitors; legislative and regulatory developments; disputes relating to intellectual property rights; the
outcome of litigation pending or that may be filed against us; 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; our
ability to maintain the uninterrupted operation of our 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 in
our releases and publications, and in our 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-