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 announced that it will host its 2006 Investor Relations Meeting on June 15th via webcast. Information distributed at the meeting will be made available on the company's website. Progressive also reported its May 2006 results, including a 3% increase in net premiums written and earned compared to May 2005. Net income remained flat at $125.8 million. The combined ratio was 86.7, up 0.9 points from the prior year.
The Progressive Corporation reported financial results for February 2006 with the following highlights:
- Net premiums written increased 2% to $1.209 billion compared to February 2005.
- Net income decreased slightly to $126.5 million (1%) compared to the previous year.
- Combined ratio increased 1.1 percentage points to 86.3%.
- Personal Lines accounted for the majority of net premiums written at $1.053 billion while Commercial Auto was $154.4 million.
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.
Progressive is scheduled to hold a conference call on August 4, 2006 at 9:00am eastern time to discuss its quarterly financial results. Registration for the teleconference and webcast will be available starting July 19, 2006 on Progressive's website. In June 2006, Progressive reported net premiums written of $1.089.6 million, net income of $115 million, and a combined ratio of 87.4%. Progressive offers auto insurance to personal and commercial customers throughout the US.
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.
1. Progressive Corporation held a conference call on November 3, 2006 to address questions about its quarterly financial results.
2. In September 2006, Progressive reported a 32% increase in net income compared to September 2005. Earned premiums increased 1% and the combined ratio improved by 2 percentage points.
3. For the January-September 2006 period, Progressive reported a 12% increase in net income compared to the same period in 2005. Earned premiums increased 3% and the combined ratio improved by 3.1 percentage points.
- 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 financial results for March 2006. Net premiums written increased 1% to $1.137 billion compared to March 2005. Net income increased 15% to $156 million compared to the previous year. The combined ratio improved 1.5 percentage points to 83.3%. Policies in force grew 6% overall with increases in both personal and commercial auto insurance lines.
The Progressive Corporation announced that it will host its 2006 Investor Relations Meeting on June 15th via webcast. Information distributed at the meeting will be made available on the company's website. Progressive also reported its May 2006 results, including a 3% increase in net premiums written and earned compared to May 2005. Net income remained flat at $125.8 million. The combined ratio was 86.7, up 0.9 points from the prior year.
The Progressive Corporation reported financial results for February 2006 with the following highlights:
- Net premiums written increased 2% to $1.209 billion compared to February 2005.
- Net income decreased slightly to $126.5 million (1%) compared to the previous year.
- Combined ratio increased 1.1 percentage points to 86.3%.
- Personal Lines accounted for the majority of net premiums written at $1.053 billion while Commercial Auto was $154.4 million.
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.
Progressive is scheduled to hold a conference call on August 4, 2006 at 9:00am eastern time to discuss its quarterly financial results. Registration for the teleconference and webcast will be available starting July 19, 2006 on Progressive's website. In June 2006, Progressive reported net premiums written of $1.089.6 million, net income of $115 million, and a combined ratio of 87.4%. Progressive offers auto insurance to personal and commercial customers throughout the US.
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.
1. Progressive Corporation held a conference call on November 3, 2006 to address questions about its quarterly financial results.
2. In September 2006, Progressive reported a 32% increase in net income compared to September 2005. Earned premiums increased 1% and the combined ratio improved by 2 percentage points.
3. For the January-September 2006 period, Progressive reported a 12% increase in net income compared to the same period in 2005. Earned premiums increased 3% and the combined ratio improved by 3.1 percentage points.
- 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 financial results for March 2006. Net premiums written increased 1% to $1.137 billion compared to March 2005. Net income increased 15% to $156 million compared to the previous year. The combined ratio improved 1.5 percentage points to 83.3%. Policies in force grew 6% overall with increases in both personal and commercial auto insurance lines.
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 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 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 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 November 2005 results. Net premiums written increased 5% to $986.3 million compared to November 2004. Net income decreased 11% to $83.3 million compared to the prior year. The combined ratio was 89.9%, a 0.3 point increase from November 2004. Progressive incurred losses of $4.2 million from Hurricane Wilma and $3 million from Hurricane Katrina in November, bringing its total losses from the storms to $76.6 million and $188.6 million, respectively.
- 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 financial results for May 2004, with net premiums written up 16% and net income up 14% compared to May 2003. Key highlights included strong growth across personal and commercial lines of business, a combined ratio of 86.6%, and policies in force up 15% for personal lines. Progressive continued to experience profitable growth across most markets.
This annual report summarizes Amgen's financial performance and operations in 2000. Some key details include:
- Total revenues in 2000 were $3.6 billion, an increase from $3.3 billion in 1999. Net income was $1.1 billion in 2000, up from $1.1 billion in 1999.
- Research and development expenses increased to $845 million in 2000 from $823 million in 1999 as Amgen continued developing new treatments for diseases like cancer, rheumatoid arthritis, and chronic kidney disease.
- The number of Amgen employees grew to over 7,300 in 2000 as the company expanded its operations and advanced its pipeline of product candidates.
- In a letter to
This document is Amgen's 2002 annual report which summarizes the company's financial and operational performance for the year. Some key points:
- Amgen achieved substantial growth and accomplishments in 2002, including serving more patients, launching new products, advancing its pipeline, adding staff, and investing for the future.
- A highlight was securing FDA approval for its new ENBREL manufacturing facility in Rhode Island, which relieved a supply shortage and allowed more patients to access the drug.
- The acquisition and integration of Immunex Corporation was a major accomplishment, combining scientific programs and organizations to advance key products like ENBREL.
- Financially, Amgen delivered with increased revenues and product sales, though
The document is Progressive Corporation's 2005 Annual Report. It summarizes the company's financial highlights for 2005, including a 5% growth in net premiums written to $14 billion and net income of $1.39 billion. Progressive's customer value proposition is based on providing fast, fair, and better service that respects customers' time. The report also discusses Progressive's vision, values and 1.54 Gainshare score, which measures overall company performance, indicating a solid year despite slower growth compared to previous years.
The document outlines the charter of the Compensation and Management Development Committee of Centex Corporation. The committee is responsible for overseeing executive compensation, administering compensation plans, assessing succession planning, and approving other benefit plans. The charter details the committee's membership, governance procedures, duties and responsibilities which include reviewing executive compensation, administering equity plans, and overseeing leadership development and succession planning. It grants the committee authority to retain compensation consultants and provides for an annual review of the committee's performance and charter.
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.
The Progressive Corporation reported financial results for January 2006. Net premiums written increased 3% compared to January 2005. Net income increased 3% to $154.1 million, while earnings per share grew 5% to $0.78 per share. The combined ratio was 86.0 for January 2006 compared to 85.0 the prior year. Total policies in force grew 8% to 9.5 million policies.
The Progressive Corporation reported financial results for March 2006. Net premiums written increased 1% to $1.137 billion compared to March 2005. Net income increased 15% to $156 million compared to the previous year. The combined ratio improved 1.5 percentage points to 83.3%. Policies in force grew 6% overall with increases in both personal and commercial auto insurance lines.
Amgen seeks to discover, develop, and commercialize proteins, antibodies, and small molecules to treat grievous illnesses through decades of scientific research. It pursues this mission through rigorous clinical testing of potential new therapeutics focused on areas like cancer, kidney disease, and neurodegenerative disorders. Amgen aims to ensure reliable global supply and access to approved treatments through large-scale, high-quality manufacturing facilities worldwide.
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
The Progressive Corporation reported its first quarterly loss since 2000 in its third quarter 2008 report. Progressive was impacted by market turmoil related to the mortgage and credit crises. Progressive had recognized losses on its investment portfolio due to declines in the stock market. However, the company's underlying insurance operations remained strong, with continued growth in policies in force and high customer retention rates.
This document is Amgen's 2001 Annual Report. It discusses Amgen's financial performance in 2001 and key accomplishments. It launched two new products - Aranesp for anemia and Kineret for rheumatoid arthritis. It also received approval for Neulasta to help cancer patients undergoing chemotherapy. R&D efforts advanced several potential new therapies. The report discusses Amgen's continued leadership in manufacturing and its strategic goals to expand capacity. It also highlights leadership changes and an upcoming acquisition of Immunex to strengthen Amgen's position in inflammation research and products.
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.
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 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 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 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 November 2005 results. Net premiums written increased 5% to $986.3 million compared to November 2004. Net income decreased 11% to $83.3 million compared to the prior year. The combined ratio was 89.9%, a 0.3 point increase from November 2004. Progressive incurred losses of $4.2 million from Hurricane Wilma and $3 million from Hurricane Katrina in November, bringing its total losses from the storms to $76.6 million and $188.6 million, respectively.
- 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 financial results for May 2004, with net premiums written up 16% and net income up 14% compared to May 2003. Key highlights included strong growth across personal and commercial lines of business, a combined ratio of 86.6%, and policies in force up 15% for personal lines. Progressive continued to experience profitable growth across most markets.
This annual report summarizes Amgen's financial performance and operations in 2000. Some key details include:
- Total revenues in 2000 were $3.6 billion, an increase from $3.3 billion in 1999. Net income was $1.1 billion in 2000, up from $1.1 billion in 1999.
- Research and development expenses increased to $845 million in 2000 from $823 million in 1999 as Amgen continued developing new treatments for diseases like cancer, rheumatoid arthritis, and chronic kidney disease.
- The number of Amgen employees grew to over 7,300 in 2000 as the company expanded its operations and advanced its pipeline of product candidates.
- In a letter to
This document is Amgen's 2002 annual report which summarizes the company's financial and operational performance for the year. Some key points:
- Amgen achieved substantial growth and accomplishments in 2002, including serving more patients, launching new products, advancing its pipeline, adding staff, and investing for the future.
- A highlight was securing FDA approval for its new ENBREL manufacturing facility in Rhode Island, which relieved a supply shortage and allowed more patients to access the drug.
- The acquisition and integration of Immunex Corporation was a major accomplishment, combining scientific programs and organizations to advance key products like ENBREL.
- Financially, Amgen delivered with increased revenues and product sales, though
The document is Progressive Corporation's 2005 Annual Report. It summarizes the company's financial highlights for 2005, including a 5% growth in net premiums written to $14 billion and net income of $1.39 billion. Progressive's customer value proposition is based on providing fast, fair, and better service that respects customers' time. The report also discusses Progressive's vision, values and 1.54 Gainshare score, which measures overall company performance, indicating a solid year despite slower growth compared to previous years.
The document outlines the charter of the Compensation and Management Development Committee of Centex Corporation. The committee is responsible for overseeing executive compensation, administering compensation plans, assessing succession planning, and approving other benefit plans. The charter details the committee's membership, governance procedures, duties and responsibilities which include reviewing executive compensation, administering equity plans, and overseeing leadership development and succession planning. It grants the committee authority to retain compensation consultants and provides for an annual review of the committee's performance and charter.
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.
The Progressive Corporation reported financial results for January 2006. Net premiums written increased 3% compared to January 2005. Net income increased 3% to $154.1 million, while earnings per share grew 5% to $0.78 per share. The combined ratio was 86.0 for January 2006 compared to 85.0 the prior year. Total policies in force grew 8% to 9.5 million policies.
The Progressive Corporation reported financial results for March 2006. Net premiums written increased 1% to $1.137 billion compared to March 2005. Net income increased 15% to $156 million compared to the previous year. The combined ratio improved 1.5 percentage points to 83.3%. Policies in force grew 6% overall with increases in both personal and commercial auto insurance lines.
Amgen seeks to discover, develop, and commercialize proteins, antibodies, and small molecules to treat grievous illnesses through decades of scientific research. It pursues this mission through rigorous clinical testing of potential new therapeutics focused on areas like cancer, kidney disease, and neurodegenerative disorders. Amgen aims to ensure reliable global supply and access to approved treatments through large-scale, high-quality manufacturing facilities worldwide.
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
The Progressive Corporation reported its first quarterly loss since 2000 in its third quarter 2008 report. Progressive was impacted by market turmoil related to the mortgage and credit crises. Progressive had recognized losses on its investment portfolio due to declines in the stock market. However, the company's underlying insurance operations remained strong, with continued growth in policies in force and high customer retention rates.
This document is Amgen's 2001 Annual Report. It discusses Amgen's financial performance in 2001 and key accomplishments. It launched two new products - Aranesp for anemia and Kineret for rheumatoid arthritis. It also received approval for Neulasta to help cancer patients undergoing chemotherapy. R&D efforts advanced several potential new therapies. The report discusses Amgen's continued leadership in manufacturing and its strategic goals to expand capacity. It also highlights leadership changes and an upcoming acquisition of Immunex to strengthen Amgen's position in inflammation research and products.
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.
- The Progressive Corporation reported financial results for March 2004, including a 66% increase in net income compared to March 2003. Net written premiums increased 14% and net earned premiums increased 18%.
- The combined ratio was 82.8%, an improvement of 0.9 percentage points from March 2003. However, unfavorable reserve development from prior accident years increased the loss ratio and combined ratio.
- Policies in force grew 16% for personal lines and 25% for commercial auto business compared to March 2003, driven by strong renewals. Most of Progressive's markets remained profitable in March and for the year to date.
The Progressive Corporation announced that it will host its 2006 Investor Relations Meeting on June 15th via webcast. Information distributed at the meeting will be made available on the company's website. Progressive also reported its May 2006 results, including a 3% increase in net premiums written and earned compared to May 2005. Net income remained flat at $125.8 million. The combined ratio was 86.7, up 0.9 points from the prior year.
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.
Progressive is scheduled to hold a conference call on August 4, 2006 at 9:00am eastern time to discuss its quarterly financial results. Registration for the teleconference and webcast will be available starting July 19, 2006 on Progressive's website. In June 2006, Progressive reported net premiums written of $1.089.6 million, net income of $115 million, and a combined ratio of 87.4%. Progressive also reported year-to-date net premiums written of $3.679.6 million, net income of $400.4 million, and a combined ratio of 86.6%.
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 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.
1. Progressive Corporation held a conference call on November 3, 2006 to address questions about their quarterly financial results.
2. For September 2006, Progressive reported a 32% increase in net income compared to the same period in 2005. Earnings per share increased 37%.
3. For the quarter ending September 2006, Progressive saw a 34% increase in net income and a 38% increase in earnings per share, compared to the same period in 2005.
- The Progressive Corporation reported financial results for February 2006, with net premiums written up 2% and net premiums earned up 5% compared to February 2005.
- Net income was $126.5 million, down slightly from $127.7 million in February 2005. Earnings per share was $0.64, up 1% from $0.63 in February 2005.
- The combined ratio was 86.3, 1.1 points higher than February 2005, reflecting a 1% increase in losses and LAE and a 1% increase in expenses.
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 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 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 financial results for January 2006. Net premiums written increased 3% compared to January 2005. Net income increased 3% to $154.1 million, while earnings per share grew 5% to $0.78 per share. The combined ratio was 86.0 for January 2006, an increase of 1.0 percentage point from January 2005. Total policies in force grew 8% compared to the previous year.
- 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 its November 2005 results. Net premiums written increased 5% to $986.3 million compared to November 2004. Net income decreased 11% to $83.3 million compared to the prior year. The combined ratio was 89.9%, a 0.3 point increase from November 2004. Progressive incurred losses of $4.2 million from Hurricane Wilma and $3 million from Hurricane Katrina in November, bringing its total losses from the storms to $76.6 million and $188.6 million, respectively.
- 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 its August 2005 results. Net premiums earned increased 6% compared to August 2004. However, net income decreased 43% from the previous year to $56.8 million due to higher losses and loss adjustment expenses, which included $119.5 million in costs related to Hurricane Katrina. The combined ratio also increased by 7.1 percentage points to 96.3%. Progressive offers auto insurance to personal and commercial customers throughout the United States.
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.
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 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 October 2004 results. Net premiums written increased 9% to $1.279.8 million compared to October 2003. Net income decreased 4% to $140.2 million while the combined ratio increased 2.3 percentage points to 87.0%. Progressive continues to respond to claims from hurricanes in August and September, with losses representing 1.5 percentage points of the loss ratio for the month. On October 22, Progressive repurchased 16.9 million shares for $1.5 billion through a Dutch auction tender offer.
The Progressive Corporation reported its October 2004 results. Progressive's net written premiums increased 9% to $1,279.8 million compared to October 2003. However, net income decreased 4% to $140.2 million due to a 2.3 point increase in the combined ratio to 87.0%. Catastrophic losses from hurricanes added $19.2 million or 1.5 points to the loss ratio for the month. Progressive also repurchased shares during October through a Dutch auction tender offer.
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.
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 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.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
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2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
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.progressive mreport-08/06
1. NEWS
RELEASE
The Progressive Corporation Company Contact:
6300 Wilson Mills Road Thomas A. King
Mayfield Village, Ohio 44143 (440) 395-2260
http://www.progressive.com
FOR IMMEDIATE RELEASE
MAYFIELD VILLAGE, OHIO -- September 14, 2006 -- The Progressive Corporation today reported the following results for August
2006:
(millions, except per share amounts and ratios) August August
2006 2005 Change
Net premiums written $1,099.1 $1,090.6 1%
Net premiums earned 1,090.2 1,069.5 2%
Net income 122.7 56.8 116%
Per share .16 .07 122%
Combined ratio 88.5 96.3 (7.8) 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.
Progressive offers insurance to personal and commercial auto drivers throughout the United States. Our Personal Lines business
units write insurance for private passenger automobiles and recreational vehicles. Our 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 2006
(millions – except per share amounts)
(unaudited)
Current
Comments on Monthly Results1
Month
Direct premiums written $1,117.9
Net premiums written $1,099.1
Revenues:
Net premiums earned $1,090.2
Investment income 58.4 Includes $3.6 million of past-due interest income collected from the
favorable resolution of a troubled loan in one of our structured debt
securities.
Net realized gains (losses) on securities 2.4
Service revenues 2.3
Total revenues 1,153.3
Expenses:
Losses and loss adjustment expenses 734.5
110.8
Policy acquisition costs
Other underwriting expenses 119.9
Investment expenses 1.0
Service expenses 2.0
Interest expense 6.0
Total expenses 974.2
Income before income taxes 179.1
Provision for income taxes 56.4
Net income $122.7
COMPUTATION OF EARNINGS PER SHARE
Basic:
Average shares outstanding 763.9
Per share $.16
Diluted:
Average shares outstanding 763.9
Net effect of dilutive stock-based
compensation 8.8
Total equivalent shares 772.7
Per share $.16
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 2005 audited consolidated financial statements included in our 2005 Shareholders’ Report, which can be
found at www.progressive.com/annualreport.
________________________________________________________________________________
The following table sets forth the investment results for the month:
Fully taxable equivalent total return:
Fixed-income securities 1.3%
Common stocks 2.5%
Total portfolio 1.5%
Pretax recurring investment book yield 5.0%
-2-
3. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
INCOME STATEMENTS
August 2006 Year-to-Date
(millions – except per share amounts)
(unaudited)
Year-to-Date
%
2006 2005 Change
Direct premiums written $10,069.9 $9,900.7 2
Net premiums written $9,883.1 $9,692.7 2
Revenues:
Net premiums earned $9,522.2 $9,211.1 3
Investment income 424.0 339.3 25
Net realized gains (losses) on securities (30.2) 11.2 NM
Service revenues 21.4 28.2 (24)
Total revenues 9,937.4 9,589.8 4
Expenses:
Losses and loss adjustment expenses 6,312.4 6,163.4 2
Policy acquisition costs 976.8 975.5 0
Other underwriting expenses 929.9 874.2 6
Investment expenses 7.8 7.8 0
Service expenses 17.2 16.9 2
Interest expense 52.0 55.3 (6)
Total expenses 8,296.1 8,093.1 3
Income before income taxes 1,641.3 1,496.7 10
Provision for income taxes 532.8 489.0 9
Net income $1,108.5 $1,007.7 10
COMPUTATION OF EARNINGS PER SHARE
Basic:
Average shares outstanding 781.2 790.0 (1)
Per share $1.42 $1.28 11
Diluted:
Average shares outstanding 781.2 790.0 (1)
Net effect of dilutive stock-based
compensation 9.9 11.6 (15)
Total equivalent shares 791.1 801.6 (1)
Per share $1.40 $1.26 11
NM = Not Meaningful
The following table sets forth the investment results for the year-to-date period:
2006 2005
Fully taxable equivalent total return:
Fixed-income securities 3.7% 2.9%
Common stocks 6.2% 3.6%
Total portfolio 4.0% 3.0%
Pretax recurring investment book yield 4.6% 3.9%
-3-
4. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
August 2006
($ in millions)
(unaudited)
Current Month
Commercial
Personal Lines Auto Other Companywide
Businesses1
Drive Direct Total Business Total
Net Premiums Written $612.5 $343.1 $955.6 $141.6 $1.9 $1,099.1
% Growth in NPW (2)% 3% 0% 5% NM 1%
Net Premiums Earned $606.4 $335.3 $941.7 $146.6 $1.9 $1,090.2
% Growth in NPE (2)% 5% 1% 12% NM 2%
GAAP Ratios
Loss/LAE ratio 69.7 65.8 68.3 61.5 NM 67.3
Expense ratio 21.0 21.8 21.3 20.3 NM 21.2
Combined ratio 90.7 87.6 89.6 81.8 NM 88.5
Actuarial Adjustments2
Reserve Decrease/(Increase)
Prior accident years $16.0
Current accident year 2.0
Calendar year actuarial adjustment $8.3 $3.1 $11.4 $6.6 $-- $18.0
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment $16.0
All other development 11.3
Total development $27.3
Calendar year loss/LAE ratio 67.3
Accident year loss/LAE ratio 69.8
Statutory Ratios
Loss/LAE ratio 67.4
Expense ratio 20.6
Combined ratio 88.0
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 $.5 million for the month.
2
Represents adjustments solely based on our corporate actuarial reviews.
-4-
5. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
August 2006 Year-to-Date
($ in millions)
(unaudited)
Year-to-Date
Commercial
Personal Lines Auto Other Companywide
Businesses1
Drive Direct Total Business Total
Net Premiums Written $5,489.9 $3,027.4 $8,517.3 $1,347.6 $18.2 $9,883.1
% Growth in NPW (1)% 5% 1% 10% NM 2%
Net Premiums Earned $5,353.3 $2,914.8 $8,268.1 $1,237.4 $16.7 $9,522.2
% Growth in NPE (1)% 8% 2% 12% NM 3%
GAAP Ratios
Loss/LAE ratio 67.9 66.1 67.2 60.5 NM 66.3
Expense ratio 20.1 20.2 20.2 19.1 NM 20.0
Combined ratio 88.0 86.3 87.4 79.6 NM 86.3
Actuarial Adjustments2
Reserve Decrease/(Increase)
Prior accident years $113.0
Current accident year 27.1
Calendar year actuarial adjustment $71.6 $33.7 $105.3 $34.6 $.2 $140.1
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment $113.0
All other development 110.3
Total development $223.3
Calendar year loss/LAE ratio 66.3
Accident year loss/LAE ratio 68.6
Statutory Ratios
Loss/LAE ratio 66.3
Expense ratio 19.6
Combined ratio 85.9
3 $5,064.4
Statutory Surplus
NM = Not Meaningful
August August
2006 2005 Change
Policies in Force
(in thousands)
Drive – Auto 4,513 4,503 0%
Direct – Auto 2,422 2,293 6%
Special Lines4 2,911 2,667 9%
Total Personal Lines 9,846 9,463 4%
Commercial Auto Business 506 460 10%
1
The other businesses generated an underwriting profit of $7.0 million.
2
Represents adjustments solely based on our corporate actuarial reviews.
3
During August, the insurance subsidiaries paid cash dividends of $775.0 million to the parent company.
4
Includes insurance for motorcycles, recreational vehicles, mobile homes, watercraft, snowmobiles and similar items.
-5-
6. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
BALANCE SHEET AND OTHER INFORMATION
(millions– except per share amounts)
(unaudited)
August
2006
CONDENSED GAAP BALANCE SHEET:1
Investments – Available-for-sale, at market:
Fixed maturities (amortized cost: $10,567.5) $10,560.2
Equity securities:
Preferred stocks (cost: $1,468.0) 1,479.1
Common equities (cost: $1,441.0) 2,154.6
Short-term investments (amortized cost: $1,954.4) 1,955.0
Total investments2 16,148.9
Net premiums receivable 2,713.4
Deferred acquisition costs 481.1
Other assets 1,751.6
Total assets $21,095.0
Unearned premiums $4,693.2
Loss and loss adjustment expense reserves 5,738.3
Other liabilities2 2,840.9
Debt 1,185.3
Shareholders’ equity 6,637.3
Total liabilities and shareholders’ equity $21,095.0
Common Shares outstanding 766.2
Shares repurchased – August 6.1
Average cost per share $23.77
Book value per share $8.66
Trailing 12-month return on average shareholders’ equity 24.0%
Net unrealized pre-tax gains on investments $718.0
Increase (decrease) from July 2006 $152.9
Increase (decrease) from December 2005 $117.9
Debt to total capital ratio 15.2%
Fixed-income portfolio duration 3.3 Years
Weighted average credit quality AA
Year-to-date Gainshare factor 1.26
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 $327.7 million.
2
Amounts include net unsettled security acquisitions, including repurchase commitments, of $1,244.2
million.
-6-
7. Monthly Commentary
• Monthly comparisons, specifically regarding combined ratio and net income, should recognize the additional
contribution from losses incurred in August and the third quarter 2005 from the active hurricane season of 2005.
The Progressive Group of Insurance Companies, in business since 1937, ranks third in the nation for auto insurance based on
premiums written and provides drivers with competitive rates and 24/7, in-person and online service. The products and
services of the Progressive Direct Group of Insurance Companies are marketed directly to consumers by phone at 1-800-
PROGRESSIVE and online at www.progressivedirect.com through the Progressive Direct® brand. The Drive Group of
Progressive Insurance Companies offers insurance through more than 30,000 independent insurance agencies that market
their products and services through the Drive® Insurance from Progressive brand. For more information about Drive
Insurance, go to www.driveinsurance.com. The Common Shares of The Progressive Corporation, the Mayfield Village,
Ohio-based holding company, are publicly traded at NYSE:PGR. More information, including a guide to interpreting the
monthly reporting package, can be found at www.progressive.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this release that are not historical fact
are forward-looking statements that are subject to certain risks and uncertainties that could cause actual events and results to differ
materially from those discussed herein. These risks and uncertainties include, without limitation, uncertainties related to estimates,
assumptions and projections generally; inflation and changes in economic conditions (including changes in interest rates and financial
markets); the accuracy and adequacy of the Company’s pricing and loss reserving methodologies; pricing competition and other
initiatives by competitors; the Company’s ability to obtain regulatory approval for requested rate changes and the timing thereof; the
effectiveness of the Company’s advertising campaigns; legislative and regulatory developments; disputes relating to intellectual property
rights; the outcome of litigation pending or that may be filed against the Company; weather conditions (including the severity and
frequency of storms, hurricanes, snowfalls, hail and winter conditions); changes in driving patterns and loss trends; acts of war and
terrorist activities; the Company’s ability to maintain the uninterrupted operation of its facilities, systems (including information
technology systems) and business functions; court decisions and trends in litigation and health care and auto repair costs; and other
matters described from time to time by the Company in releases and publications, and in periodic reports and other documents filed with
the United States Securities and Exchange Commission. In addition, investors should be aware that generally accepted accounting
principles prescribe when a company may reserve for particular risks, including litigation exposures. Accordingly, results for a given
reporting period could be significantly affected if and when a reserve is established for one or more contingencies. Reported results,
therefore, may appear to be volatile in certain accounting periods.
-7-