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.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@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.
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
What 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
NO1 Uk Black Magic Specialist Expert In Sahiwal, Okara, Hafizabad, Mandi Bah...Amil Baba Dawood bangali
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
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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 ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
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
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
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
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This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
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-08/05
1. NEWS
RELEASE
The Progressive Corporation Company Contact:
6300 Wilson Mills Road Thomas A. King
Mayfield Village, Ohio 44143 (440) 395-2260
http://www.progressive.com
FOR IMMEDIATE RELEASE
MAYFIELD VILLAGE, OHIO -- September 16, 2005 -- The Progressive Corporation today reported the following results for August
2005:
(millions, except per share amounts and ratios) August August
2005 2004 Change
Net premiums written $1,090.6 $1,085.7 --%
Net premiums earned 1,069.5 1,007.4 6%
Net income 56.8 100.3 (43)%
Per share .29 .46 (38)%
Combined ratio 96.3 89.2 (7.1) pts.
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 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
August 2005
(millions – except per share amounts)
(unaudited)
Current
Comments on Monthly Results1
Month
Direct premiums written $1,112.8
Net premiums written $1,090.6
Revenues:
Net premiums earned $1,069.5
Investment income 46.3
Net realized gains (losses) on securities 2.0
Service revenues 2.8
Total revenues 1,120.6
Expenses:
Losses and loss adjustment expenses 824.6 Includes $119.5 million, or 11.2 combined ratio points, of
catastrophic losses related to Hurricane Katrina for both reported and
incurred but not reported claims.
112.4
Policy acquisition costs
Other underwriting expenses 92.9 Includes a favorable adjustment of $10.7 million, or 1.0 point,
reflecting the settlement of state tax liabilities.
Investment expenses .8
Service expenses 2.6
Interest expense 6.9
Total expenses 1,040.2
Income before income taxes 80.4
Provision for income taxes 23.6
Net income $56.8
COMPUTATION OF EARNINGS PER SHARE
Basic:
Average shares outstanding 195.7
Per share $.29
Diluted:
Average shares outstanding 195.7
Net effect of dilutive stock-based
compensation 2.8
Total equivalent shares 198.5
Per share $.29
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 1.0%
Common stocks (.7)%
Total portfolio .8%
Pretax recurring investment book yield 4.1%
-2-
3. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
INCOME STATEMENTS
August 2005 Year-to-Date
(millions – except per share amounts)
(unaudited)
Year-to-Date
%
2005 2004 Change
Direct premiums written $9,900.7 $9,249.6 7
Net premiums written $9,692.7 $9,023.4 7
Revenues:
Net premiums earned $9,211.1 $8,592.0 7
Investment income 339.3 320.2 6
Net realized gains (losses) on securities 11.2 59.9 (81)
Service revenues 28.2 33.0 (15)
Total revenues 9,589.8 9,005.1 6
Expenses:
Losses and loss adjustment expenses 6,163.4 5,536.7 11
Policy acquisition costs 975.5 926.1 5
Other underwriting expenses 874.2 808.9 8
Investment expenses 7.8 8.0 (3)
Service expenses 16.9 16.5 2
Interest expense 55.3 53.6 3
Total expenses 8,093.1 7,349.8 10
Income before income taxes 1,496.7 1,655.3 (10)
Provision for income taxes 489.0 540.6 (10)
Net income $1,007.7 $1,114.7 (10)
COMPUTATION OF EARNINGS PER SHARE
Basic:
Average shares outstanding 197.5 216.3 (9)
Per share $5.10 $5.15 (1)
Diluted:
Average shares outstanding 197.5 216.3 (9)
Net effect of dilutive stock-based
compensation 2.9 3.4 (15)
Total equivalent shares 200.4 219.7 (9)
Per share $5.03 $5.07 (1)
The following table sets forth the investment results for the year-to-date period:
2005 2004
Fully taxable equivalent total return:
Fixed-income securities 2.9% 3.0%
Common stocks 3.6% .0%
Total portfolio 3.0% 2.7%
Pretax recurring investment book yield 3.9% 3.8%
-3-
4. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
August 2005
($ in millions)
(unaudited)
Current Month
Commercial
Personal Lines Auto Other Companywide
Businesses1
Agency Direct Total Business Total
Net Premiums Written $622.1 $331.5 $953.6 $135.1 $1.9 $1,090.6
% Growth in NPW (3)% 5% (1)% 10% NM --%
Net Premiums Earned $617.9 $318.8 $936.7 $130.7 $2.1 $1,069.5
% Growth in NPE 3% 12% 6% 11% NM 6%
GAAP Ratios
Loss/LAE ratio2 81.7 73.4 78.9 65.7 NM 77.1
Expense ratio 18.7 20.5 19.3 19.1 NM 19.2
Combined ratio 100.4 93.9 98.2 84.8 NM 96.3
Actuarial Adjustments3
Reserve Decrease/(Increase)
Prior accident years $12.3
Current accident year 11.5
Calendar year actuarial adjustment $10.9 $5.0 $15.9 $7.9 $-- $23.8
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment $12.3
All other development 12.3
Total development $24.6
Calendar year loss/LAE ratio 77.1
Accident year loss/LAE ratio 79.4
Statutory Ratios
Loss/LAE ratio 77.1
Expense ratio 18.5
Combined ratio 95.6
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 $2.7 million for the month.
2
Hurricane Katrina contributed 12.2 points to the loss/LAE ratio for Personal Lines (14.9 points for Agency and 7.1 points for Direct)
and 3.9 points to Commercial Auto results.
3
Represents adjustments solely based on the Company’s corporate actuarial review.
-4-
5. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
August 2005 Year-to-Date
($ in millions)
(unaudited)
Year-to-Date
Commercial
Personal Lines Auto Other Companywide
Businesses1
Agency Direct Total Business Total
Net Premiums Written $5,573.1 $2,875.5 $8,448.6 $1,228.3 $15.8 $9,692.7
% Growth in NPW 4% 13% 7% 14% NM 7%
Net Premiums Earned $5,384.7 $2,708.2 $8,092.9 $1,100.0 $18.2 $9,211.1
% Growth in NPE 4% 12% 7% 12% NM 7%
GAAP Ratios
Loss/LAE ratio 67.8 67.4 67.7 62.0 NM 66.9
Expense ratio 20.3 19.9 20.1 19.8 NM 20.1
Combined ratio 88.1 87.3 87.8 81.8 NM 87.0
Actuarial Adjustments2
Reserve Decrease/(Increase)
Prior accident years $90.3
Current accident year 36.1
Calendar year actuarial adjustment $70.8 $31.8 $102.6 $21.9 $1.9 $126.4
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment $90.3
All other development 171.7
Total development $262.0
Calendar year loss/LAE ratio 66.9
Accident year loss/LAE ratio 69.7
Statutory Ratios
Loss/LAE ratio 66.9
Expense ratio 19.2
Combined ratio 86.1
Statutory surplus3 $5,387.5
August August
2005 2004 Change
Policies in Force
(in thousands)
Agency – Auto 4,503 4,216 7%
Direct – Auto 2,293 2,029 13%
Other Personal Lines4 2,667 2,332 14%
Total Personal Lines 9,463 8,577 10%
Commercial Auto Business 460 413 12%
NM = Not Meaningful
1
The other businesses generated an underwriting profit of $11.6 million.
2
Represents adjustments solely based on the Company’s corporate actuarial review.
3
During August, the insurance subsidiaries paid cash dividends of $300.0 million to the parent company.
4
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)
August
2005
CONDENSED GAAP BALANCE SHEET:1
Investments - Available-for-sale, at market:
Fixed maturities (amortized cost: $10,143.9) $10,197.9
Equity securities:
Preferred stocks (cost: $1,164.8) 1,182.3
Common equities (cost: $1,402.2) 1,982.9
Short-term investments (amortized cost: $2,353.0) 2,353.7
Total investments2 15,716.8
Net premiums receivable 2,625.6
Deferred acquisition costs 477.3
Other assets 1,435.2
Total assets $20,254.9
Unearned premiums $4,587.6
Loss and loss adjustment expense reserves 5,701.5
Other liabilities2 2,928.2
Debt 1,284.7
Shareholders’ equity 5,752.9
Total liabilities and shareholders’ equity $20,254.9
Common Shares outstanding 197.0
Shares repurchased – August .2
Average cost per share $96.73
Book value per share $29.20
Trailing 12-month return on average shareholders’ equity 28.5%
Net unrealized pre-tax gains on investments $652.9
Increase (decrease) from July 2005 $52.4
Increase (decrease) from December 2004 $(16.5)
Debt to total capital ratio 18.3%
Fixed-income portfolio duration 2.8 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 $335.4 million.
2
Amounts include net unsettled security acquisitions, including repurchase commitments, of $1,278.6
million.
-6-
7. Monthly Commentary
• Since the Company writes six-month policies, there were several days in August that did not have renewal activity
(i.e. February has 28 days). The written premium growth rate for the month primarily reflects timing differences
related to the Company’s recognition of the days without renewal activity due to the Company’s use of a fiscal
calendar. As a consequence, the Company may experience consecutive months, such as August and September,
where comparisons to the prior year months are under or overstated. As a result, it may be more prudent to
analyze written premium growth on a quarterly basis. For the month, net premiums earned and policies in force
growth may be more representative measures than written premium growth.
• Through September 14, 2005, approximately 19,000 claims were incurred by the Company based on the two
landfalls of Hurricane Katrina. The Company has evaluated and reserved for this catastrophe using its knowledge
of severity and reporting patterns from many past storms in addition to several assumptions specific to this
disaster. The current recognition of $119.5 million for reported, and incurred but not reported, claims best reflects
this evaluation at this time. The Company notes that reporting patterns and salvage assumptions could differ from
its expectations over the coming weeks and the Company will be continuously reviewing its estimate and
assumptions. Storm claim settlements range from about 70% in Florida to about 5% in Louisiana. The Company
continues to be proactive in the affected areas with the establishment of 7 drive-in claims sites and the deployment
of over 300 additional claim representatives from all 50 states. Due to the nature of this catastrophe, the Company
expects the settlement of the losses to take longer than those experienced in the past.
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, including a guide to interpreting the monthly reporting
package.
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-