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.
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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
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
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
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
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What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
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
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
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
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
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.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
1. NEWS
RELEASE
The Progressive Corporation Company Contact:
6300 Wilson Mills Road Thomas A. King
Mayfield Village, Ohio 44143 (440) 395-2260
http://www.progressive.com
FOR IMMEDIATE RELEASE
MAYFIELD VILLAGE, OHIO -- June 16, 2005 -- The Progressive Corporation today reported the following results for May 2005:
(dollars in millions, except per share amounts) May May
2005 2004 Change
Net premiums written $1,070.9 $1,054.4 2%
Net premiums earned 1,062.5 998.2 6%
Net income 126.1 109.0 16%
Per share .63 .50 27%
Combined ratio 85.8 86.6 .8 pts.
See the “Income Statements” 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
May 2005
(millions – except per share amounts)
(unaudited)
Current
Comments on Monthly Results1
Month
Direct premiums written $1,094.2
Net premiums written $1,070.9
Revenues:
Net premiums earned $1,062.5
Investment income 42.1
Net realized gains (losses) on securities 3.2
Service revenues 3.2
Total revenues 1,111.0
Expenses:
Losses and loss adjustment expenses 691.9
112.5
Policy acquisition costs
Other underwriting expenses 107.2
Investment expenses 1.0
Service expenses 2.5
Interest expense 6.9
Total expenses 922.0
Income before income taxes 189.0
Provision for income taxes 62.9
Net income $126.1
COMPUTATION OF EARNINGS PER SHARE
Basic:
Average shares outstanding 197.1
Per share $.64
Diluted:
Average shares outstanding 197.1
Net effect of dilutive stock-based
compensation 2.9
Total equivalent shares 200.0
Per share $.63
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 2004 audited consolidated financial statements included in the Company’s 2004
Shareholders Report, which can be found at progressive.com/annualreport.
________________________
The following table sets forth the investment results for the month:
Fully taxable equivalent total return:
Fixed-income securities .7%
Common stocks 3.4%
Total portfolio 1.1%
Pretax recurring investment book yield 3.9%
-2-
3. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
INCOME STATEMENTS
May 2005 Year-to-Date
(millions – except per share amounts)
(unaudited)
Year-to-Date
%
2005 2004 Change
Direct premiums written $6,240.2 $5,789.3 8
Net premiums written $6,106.1 $5,647.4 8
Revenues:
Net premiums earned $5,734.2 $5,322.1 8
Investment income 202.3 193.4 5
Net realized gains (losses) on securities 7.1 59.2 (88)
Service revenues 18.4 20.9 (12)
Total revenues 5,962.0 5,595.6 7
Expenses:
Losses and loss adjustment expenses 3,716.7 3,392.6 10
Policy acquisition costs 609.2 574.0 6
Other underwriting expenses 561.4 504.3 11
Investment expenses 4.9 5.1 (4)
Service expenses 10.1 10.0 1
Interest expense 34.6 33.5 3
Total expenses 4,936.9 4,519.5 9
Income before income taxes 1,025.1 1,076.1 (5)
Provision for income taxes 338.7 350.0 (3)
Net income $686.4 $726.1 (5)
COMPUTATION OF EARNINGS PER SHARE
Basic:
Average shares outstanding 198.4 216.4 (8)
Per share $3.46 $3.36 3
Diluted:
Average shares outstanding 198.4 216.4 (8)
Net effect of dilutive stock-based
compensation 2.9 3.6 (19)
Total equivalent shares 201.3 220.0 (9)
Per share $3.41 $3.30 3
The following table sets forth the investment results for the year-to-date period:
2005 2004
Fully taxable equivalent total return:
Fixed-income securities 1.7% .4%
Common stocks (.1)% 1.4%
Total portfolio 1.4% .6%
Pretax recurring investment book yield 3.8% 3.8%
-3-
4. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
May 2005
($ in millions)
(unaudited)
Current Month
Commercial
Personal Lines Auto Other Companywide
Businesses1
Agency Direct Total Business Total
Net Premiums Written $614.7 $309.6 $924.3 $144.8 $1.8 $1,070.9
% Growth in NPW (2)% 6% --% 10% NM 2%
Net Premiums Earned $619.5 $313.8 $933.3 $127.1 $2.1 $1,062.5
% Growth in NPE 3% 12% 6% 11% NM 6%
GAAP Ratios
Loss/LAE ratio 66.3 66.2 66.3 57.1 NM 65.1
Expense ratio 21.0 20.5 20.8 19.6 NM 20.7
Combined ratio 87.3 86.7 87.1 76.7 NM 85.8
Actuarial Adjustments2
Reserve Decrease/(Increase)
Prior accident years $10.5
Current accident year 4.7
Calendar year actuarial adjustment $7.9 $3.3 $11.2 $4.0 $-- $15.2
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment $10.5
All other development 16.4
Total development $26.9
Calendar year loss/LAE ratio 65.1
Accident year loss/LAE ratio 67.6
Statutory Ratios
Loss/LAE ratio 65.2
Expense ratio 20.3
Combined ratio 85.5
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 $.8 million for the month.
2
Represents adjustments solely based on the Company’s corporate actuarial review.
-4-
5. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
May 2005 Year-to-Date
($ in millions)
(unaudited)
Year-to-Date
Commercial
Personal Lines Auto Other Companywide
Businesses1
Agency Direct Total Business Total
Net Premiums Written $3,520.2 $1,805.4 $5,325.6 $771.4 $9.1 $6,106.1
% Growth in NPW 4% 13% 7% 14% NM 8%
Net Premiums Earned $3,369.4 $1,675.3 $5,044.7 $677.9 $11.6 $5,734.2
% Growth in NPE 5% 12% 7% 13% NM 8%
GAAP Ratios
Loss/LAE ratio 65.1 66.4 65.5 60.3 NM 64.8
Expense ratio 20.8 19.9 20.5 20.0 NM 20.4
Combined ratio 85.9 86.3 86.0 80.3 NM 85.2
Actuarial Adjustments2
Reserve Decrease/(Increase)
Prior accident years $54.1
Current accident year 3.5
Calendar year actuarial adjustment $33.7 $14.6 $48.3 $7.7 $1.6 $57.6
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment $54.1
All other development 110.5
Total development $164.6
Calendar year loss/LAE ratio 64.8
Accident year loss/LAE ratio 67.7
Statutory Ratios
Loss/LAE ratio 64.9
Expense ratio 19.4
Combined ratio 84.3
Statutory surplus $5,330.4
May May
2005 2004 Change
Policies in Force
(in thousands)
Agency – Auto 4,482 4,176 7%
Direct – Auto 2,252 1,984 13%
Other Personal Lines3 2,555 2,199 16%
Total Personal Lines 9,289 8,359 11%
Commercial Auto Business 449 400 12%
NM = Not Meaningful
1
The other businesses generated an underwriting profit of $7.7 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)
May
2005
CONDENSED GAAP BALANCE SHEET:1
Investments - Available-for-sale, at market:
Fixed maturities (amortized cost: $9,148.2) $9,217.5
Equity securities:
Preferred stocks (cost: $1,031.8) 1,042.0
Common equities (cost: $1,400.6) 1,922.5
Short-term investments (amortized cost: $1,979.8) 1,980.7
Total investments2 14,162.7
Net premiums receivable 2,514.3
Deferred acquisition costs 465.4
Other assets 1,453.9
Total assets $18,596.3
Unearned premiums $4,480.3
Loss and loss adjustment expense reserves 5,465.3
Other liabilities2 1,843.0
Debt 1,284.6
Shareholders’ equity 5,523.1
Total liabilities and shareholders’ equity $18,596.3
Common Shares outstanding 198.2
Shares repurchased – May .8
Average cost per share $94.62
Book value per share $27.87
Trailing 12-month return on average shareholders’ equity 29.5%
Net unrealized pre-tax gains on investments $602.3
Increase (decrease) from April 2005 $85.1
Increase (decrease) from December 2004 $(67.1)
Debt to total capital ratio 18.9%
Fixed-income portfolio duration 2.7 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 $340.1 million.
2
Amounts include net unsettled security acquisitions, including repurchase commitments, of $430.8
million.
-6-
7. Monthly Commentary
• Written premium growth reflects the fact that the Memorial Day holiday fell in fiscal May 2005, as compared to
fiscal June 2004. As previously reported, results for certain months in 2005 may not be directly comparable to the
corresponding 2004 months due to the Company’s use of a fiscal calendar, which resulted in an additional week
of activity in 2004. As a consequence, the Company may experience consecutive months, such as May and June,
where comparisons to the prior year months are under or overstated. During months with such anomalies, net
premiums earned and policies in force growth may be more representative measures.
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 companies
that offer insurance directly (by phone at 1-800-PROGRESSIVE and online at progressivedirect.com) market their
products and services under the Progressive DirectSM brand, while the companies that offer insurance through more than
30,000 independent insurance agencies market their products and services under the Drive Insurance from Progressive
brand. The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based 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-