- Progressive Corporation reported financial results for September and Q3 2007, with net income down 25% and 27% respectively from the previous year.
- Net premiums written decreased 1% for September and 3% for Q3, while net premiums earned decreased 2% for both periods.
- The combined ratio increased 7.9 points for September and 6.4 points for Q3, to 94.8% and 93.7% respectively, due to higher losses and loss adjustment expenses.
- Progressive will hold a conference call on November 2, 2007 to address questions about its financial results.
Progressive reported its November 2008 results, including:
- Net income of $137.5 million, up 48% from November 2007.
- Net premiums written increased 2% to $926.9 million.
- Combined ratio improved 0.5 percentage points to 93.8%.
- Total personal auto policies in force grew 1% to over 7.1 million policies.
Progressive Corporation hosted its 2007 Investor Relations Meeting on June 14th, 2007. The meeting included presentations and a question and answer session, and was available via webcast and phone. Progressive also reported its May 2007 results, including a 3% decrease in net premiums written compared to May 2006, and a 35% decrease in net income. Policies in force increased slightly across personal and commercial auto insurance. The company also provided supplemental financial information for May 2007 and year-to-date.
Progressive Corporation reported its October 2008 results. Net income was $145.0 million, up 92% from the previous year. Progressive saw growth in total personal auto and special lines policies in force of 1% and 8% respectively. The combined ratio was 93.2, an improvement of 1.7 percentage points from the previous year, driven by a decrease in losses and loss adjustment expenses. However, net unrealized losses on investments increased by $621.4 million during the month primarily in fixed maturity securities and common stocks.
Progressive reported its December 2008 results. Net premiums written were $905.7 million, unchanged from the prior year. Net income was a loss of $123.2 million compared to income of $67.6 million in the prior year. The combined ratio was 98.9%, up 3.1 percentage points from the prior year, driven by losses on securities. Policies in force increased 2% for personal auto and 7% for special lines compared to the prior year. Progressive also announced a conference call in February to discuss 2008 results.
- The Progressive Corporation reported financial results for March 2004 including a 14% increase in net premiums written, an 18% increase in net premiums earned, and a 66% increase in net income compared to March 2003.
- Net income was $152.6 million, or earnings of $0.69 per share, compared to $91.8 million, or $0.42 per share in the previous year.
- The combined ratio was 82.8%, a 0.9 point improvement from the prior year.
The Progressive Corporation reported its March 2008 results. Net premiums written decreased 2% to $1.118 billion compared to March 2007. Net income decreased 46% to $71.3 million compared to the previous year. The combined ratio increased 4.6 points to 92.8. Policies in force increased for total personal auto, special lines, and commercial auto compared to the previous year. Progressive offers auto insurance nationwide and its commercial auto business writes insurance for small businesses.
Progressive Corporation reported its May 2008 results. Net premiums written decreased 1% to $1.049 billion compared to May 2007. Net income decreased 3% to $79.3 million compared to May 2007. The combined ratio improved to 92.4% from 93.3% in May 2007 due to a decrease in losses and loss adjustment expenses. Total personal auto policies in force increased 1% to over 7.1 million policies compared to May 2007.
Progressive Corporation reported its financial results for January 2008. Net premiums written decreased 3% to $1.27 billion compared to January 2007. Net income decreased 11% to $121.9 million compared to the previous year. The combined ratio, a measure of profitability, increased 5.5 percentage points to 93.3%. Total personal auto policies in force grew 2% year-over-year to over 7 million.
Progressive reported its November 2008 results, including:
- Net income of $137.5 million, up 48% from November 2007.
- Net premiums written increased 2% to $926.9 million.
- Combined ratio improved 0.5 percentage points to 93.8%.
- Total personal auto policies in force grew 1% to over 7.1 million policies.
Progressive Corporation hosted its 2007 Investor Relations Meeting on June 14th, 2007. The meeting included presentations and a question and answer session, and was available via webcast and phone. Progressive also reported its May 2007 results, including a 3% decrease in net premiums written compared to May 2006, and a 35% decrease in net income. Policies in force increased slightly across personal and commercial auto insurance. The company also provided supplemental financial information for May 2007 and year-to-date.
Progressive Corporation reported its October 2008 results. Net income was $145.0 million, up 92% from the previous year. Progressive saw growth in total personal auto and special lines policies in force of 1% and 8% respectively. The combined ratio was 93.2, an improvement of 1.7 percentage points from the previous year, driven by a decrease in losses and loss adjustment expenses. However, net unrealized losses on investments increased by $621.4 million during the month primarily in fixed maturity securities and common stocks.
Progressive reported its December 2008 results. Net premiums written were $905.7 million, unchanged from the prior year. Net income was a loss of $123.2 million compared to income of $67.6 million in the prior year. The combined ratio was 98.9%, up 3.1 percentage points from the prior year, driven by losses on securities. Policies in force increased 2% for personal auto and 7% for special lines compared to the prior year. Progressive also announced a conference call in February to discuss 2008 results.
- The Progressive Corporation reported financial results for March 2004 including a 14% increase in net premiums written, an 18% increase in net premiums earned, and a 66% increase in net income compared to March 2003.
- Net income was $152.6 million, or earnings of $0.69 per share, compared to $91.8 million, or $0.42 per share in the previous year.
- The combined ratio was 82.8%, a 0.9 point improvement from the prior year.
The Progressive Corporation reported its March 2008 results. Net premiums written decreased 2% to $1.118 billion compared to March 2007. Net income decreased 46% to $71.3 million compared to the previous year. The combined ratio increased 4.6 points to 92.8. Policies in force increased for total personal auto, special lines, and commercial auto compared to the previous year. Progressive offers auto insurance nationwide and its commercial auto business writes insurance for small businesses.
Progressive Corporation reported its May 2008 results. Net premiums written decreased 1% to $1.049 billion compared to May 2007. Net income decreased 3% to $79.3 million compared to May 2007. The combined ratio improved to 92.4% from 93.3% in May 2007 due to a decrease in losses and loss adjustment expenses. Total personal auto policies in force increased 1% to over 7.1 million policies compared to May 2007.
Progressive Corporation reported its financial results for January 2008. Net premiums written decreased 3% to $1.27 billion compared to January 2007. Net income decreased 11% to $121.9 million compared to the previous year. The combined ratio, a measure of profitability, increased 5.5 percentage points to 93.3%. Total personal auto policies in force grew 2% year-over-year to over 7 million.
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.
Progressive reported its results for March 2007. Net income decreased 16% to $131.1 million compared to March 2006. The combined ratio increased 4.9 points to 88.2. For the quarter, net income decreased 17% to $363.5 million and the combined ratio increased 4.3 points to 89.5. Progressive saw unfavorable development from prior accident years, primarily related to larger losses emerging from prior years in commercial auto.
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 2004 and the fourth quarter of 2004. For December, net premiums written increased 32% to $1.135.5 million and net income increased 59% to $179.5 million. For the quarter, net premiums written rose 15% to $3.352.3 million and net income grew 16% to $413.5 million. The company also announced it would hold a conference call on March 3, 2005 to discuss its annual report.
- Progressive reported its October 2007 results, with net premiums written down 4% from the previous year and net income down 42% from October 2006.
- Total personal auto policies in force grew 2% year-over-year while special lines policies grew 8%, and commercial auto policies grew 7%.
- The combined ratio was 94.9 compared to 89.1 the prior year, driven by a 5.8 point increase in the loss ratio primarily due to higher auto repair costs and greater severity of claims.
The Progressive Corporation held a conference call on November 10, 2005 to discuss its quarterly financial results. For the month of September 2005, Progressive reported a 6% increase in net premiums written and earned. Net income decreased 13% compared to September 2004. The combined ratio was 88.9%, up 0.8 percentage points from the prior year. Hurricane losses contributed to higher losses and loss adjustment expenses for the month.
The Progressive Corporation reported its financial results for January 2007. Net premiums written decreased 1% to $1.31 billion compared to January 2006. Net income decreased 11% to $137.7 million compared to the previous year. The combined ratio was 87.8%, an increase of 1.8 percentage points from January 2006. Progressive will hold a conference call on March 2, 2007 to discuss its 2006 annual report and Form 10-K filing with the SEC.
The Progressive Corporation 2008 Annual Report summarizes the company's performance for the year. Key points include:
- Progressive reported its first net loss in 26 years due to challenging market conditions including declining auto insurance rates and rising economic uncertainty.
- However, the company's 94.6 combined ratio for the year was in line with its target of 96, demonstrating responsive pricing and cost control. 42 of its 50 states were profitable.
- Total policies in force grew 3% to over 10 million, driven by strong growth in its direct auto business, though overall premium growth was modest at 1% due to prolonged rate reductions.
- A pretax underwriting income of $735 million was an acceptable result given the
Progressive reported its results for March 2007. Net income decreased 16% to $131.1 million compared to March 2006. The combined ratio, a measure of profitability, increased 4.9 percentage points to 88.2. Unfavorable development from prior accident years in commercial auto contributed to higher losses. Policies in force grew 3% overall year-over-year, with higher growth in direct auto and special lines.
This document is Health Net's 2000 Annual Report. It provides an overview of the company's financial performance and operations in 2000. Key points include:
- Revenue increased 5% to $9.076 billion while net income grew 15% to $163.6 million.
- Operating cash flow improved over 23% to $366.2 million and debt was reduced.
- Membership grew by around 190,000, though medical cost ratios remained stable.
- The company continued working to improve efficiency and expand technology and consumer-focused programs.
- Government contracts were extended and behavioral health subsidiary MHN added new members.
TRW Automotive reported fourth quarter and full year 2006 financial results. For the fourth quarter, sales increased 4.3% to $3.3 billion but net earnings decreased 43% to $33 million. For the full year, sales grew 4% to $13.1 billion while net earnings fell 14% to $176 million. The company exceeded guidance due to lower restructuring costs and favorable operations. Looking ahead, TRW expects continued pressure from the difficult North American auto market but remains focused on technology investments and global growth.
This document is the SEC Form 10-K annual report filed by Foundation Health Systems, Inc. for the fiscal year ended December 31, 1998. It provides an overview of FHS's business operations, including that it operates as an integrated managed care organization through subsidiaries in two segments: Health Plan Services and Government Contracts/Specialty Services. It details the regional divisions within Health Plan Services and provides membership numbers. It also notes that FHS is evaluating the profitability of its businesses and operations with the goal of focusing resources on core businesses and divesting lesser-performing operations.
This document is an amendment to a quarterly report filed with the SEC that restates financial statements for the first quarters of 2003 and 2002. It includes adjustments to correct errors in accounting periods for certain expenses, workers' compensation accruals, rental expenses, consulting costs, and a deferred compensation plan. The restatements resulted in increases and decreases to previously reported net income and diluted earnings per share.
Progressive Corporation hosted its 2007 Investor Relations Meeting on June 14th, 2007. The meeting included presentations and a question and answer session, and was available via webcast and phone. Progressive also reported its May 2007 results, including a 3% decrease in net premiums written compared to May 2006, and a 35% decrease in net income. Policies in force increased slightly across personal and commercial auto insurance. The company also provided supplemental financial information for May 2007 and year-to-date.
Progressive reported its November 2008 results, including:
- Net income of $137.5 million, up 48% from November 2007.
- Net premiums written increased 2% to $926.9 million.
- Combined ratio improved 0.5 percentage points to 93.8%.
- Total personal auto policies in force grew 1% to over 7.1 million policies.
Progressive Corporation reported its January 2008 results. Net premiums written decreased 3% to $1.27 billion from January 2007. Net income decreased 11% to $121.9 million compared to January 2007. The combined ratio, a measure of profitability, increased 5.5 percentage points to 93.3%. Total personal auto policies in force grew 2% year-over-year to over 7 million policies.
The Progressive Corporation's June 2004 report discusses the company's loss reserving practices and process. It aims to help stakeholders understand how loss reserving affects financial results. Progressive strives for loss reserve estimates that are adequately conservative while minimizing variation over time. The report covers Progressive's business highlights, financial objectives, types of reserves, how reserves are estimated, and recent process enhancements. It provides technical details on reserve estimation and analysis to give readers an accessible view into this important function.
The Progressive Corporation reported financial results for March 2008. Net income decreased 46% from the previous year to $71.3 million. Earned premiums decreased 3% to $1.049 billion. The combined ratio increased 4.6 points to 92.8 due to losses from declines in the market value of securities. Total personal auto policies in force grew 1% to over 7.1 million policies.
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.
Progressive Corporation announced its December 2007 results. Net premiums written decreased 1% to $910.1 million compared to December 2006. Net income decreased 51% to $67.6 million compared to December 2006. The combined ratio was 95.8% compared to 86.6% in December 2006. Progressive also reported results for the full year 2007, with net premiums written decreasing 3% to $13.77 billion compared to 2006. Net income decreased 28% to $1.18 billion compared to 2006. The combined ratio for 2007 was 95% compared to 87.7% in 2006.
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.
Progressive reported its results for March 2007. Net income decreased 16% to $131.1 million compared to March 2006. The combined ratio increased 4.9 points to 88.2. For the quarter, net income decreased 17% to $363.5 million and the combined ratio increased 4.3 points to 89.5. Progressive saw unfavorable development from prior accident years, primarily related to larger losses emerging from prior years in commercial auto.
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 2004 and the fourth quarter of 2004. For December, net premiums written increased 32% to $1.135.5 million and net income increased 59% to $179.5 million. For the quarter, net premiums written rose 15% to $3.352.3 million and net income grew 16% to $413.5 million. The company also announced it would hold a conference call on March 3, 2005 to discuss its annual report.
- Progressive reported its October 2007 results, with net premiums written down 4% from the previous year and net income down 42% from October 2006.
- Total personal auto policies in force grew 2% year-over-year while special lines policies grew 8%, and commercial auto policies grew 7%.
- The combined ratio was 94.9 compared to 89.1 the prior year, driven by a 5.8 point increase in the loss ratio primarily due to higher auto repair costs and greater severity of claims.
The Progressive Corporation held a conference call on November 10, 2005 to discuss its quarterly financial results. For the month of September 2005, Progressive reported a 6% increase in net premiums written and earned. Net income decreased 13% compared to September 2004. The combined ratio was 88.9%, up 0.8 percentage points from the prior year. Hurricane losses contributed to higher losses and loss adjustment expenses for the month.
The Progressive Corporation reported its financial results for January 2007. Net premiums written decreased 1% to $1.31 billion compared to January 2006. Net income decreased 11% to $137.7 million compared to the previous year. The combined ratio was 87.8%, an increase of 1.8 percentage points from January 2006. Progressive will hold a conference call on March 2, 2007 to discuss its 2006 annual report and Form 10-K filing with the SEC.
The Progressive Corporation 2008 Annual Report summarizes the company's performance for the year. Key points include:
- Progressive reported its first net loss in 26 years due to challenging market conditions including declining auto insurance rates and rising economic uncertainty.
- However, the company's 94.6 combined ratio for the year was in line with its target of 96, demonstrating responsive pricing and cost control. 42 of its 50 states were profitable.
- Total policies in force grew 3% to over 10 million, driven by strong growth in its direct auto business, though overall premium growth was modest at 1% due to prolonged rate reductions.
- A pretax underwriting income of $735 million was an acceptable result given the
Progressive reported its results for March 2007. Net income decreased 16% to $131.1 million compared to March 2006. The combined ratio, a measure of profitability, increased 4.9 percentage points to 88.2. Unfavorable development from prior accident years in commercial auto contributed to higher losses. Policies in force grew 3% overall year-over-year, with higher growth in direct auto and special lines.
This document is Health Net's 2000 Annual Report. It provides an overview of the company's financial performance and operations in 2000. Key points include:
- Revenue increased 5% to $9.076 billion while net income grew 15% to $163.6 million.
- Operating cash flow improved over 23% to $366.2 million and debt was reduced.
- Membership grew by around 190,000, though medical cost ratios remained stable.
- The company continued working to improve efficiency and expand technology and consumer-focused programs.
- Government contracts were extended and behavioral health subsidiary MHN added new members.
TRW Automotive reported fourth quarter and full year 2006 financial results. For the fourth quarter, sales increased 4.3% to $3.3 billion but net earnings decreased 43% to $33 million. For the full year, sales grew 4% to $13.1 billion while net earnings fell 14% to $176 million. The company exceeded guidance due to lower restructuring costs and favorable operations. Looking ahead, TRW expects continued pressure from the difficult North American auto market but remains focused on technology investments and global growth.
This document is the SEC Form 10-K annual report filed by Foundation Health Systems, Inc. for the fiscal year ended December 31, 1998. It provides an overview of FHS's business operations, including that it operates as an integrated managed care organization through subsidiaries in two segments: Health Plan Services and Government Contracts/Specialty Services. It details the regional divisions within Health Plan Services and provides membership numbers. It also notes that FHS is evaluating the profitability of its businesses and operations with the goal of focusing resources on core businesses and divesting lesser-performing operations.
This document is an amendment to a quarterly report filed with the SEC that restates financial statements for the first quarters of 2003 and 2002. It includes adjustments to correct errors in accounting periods for certain expenses, workers' compensation accruals, rental expenses, consulting costs, and a deferred compensation plan. The restatements resulted in increases and decreases to previously reported net income and diluted earnings per share.
Progressive Corporation hosted its 2007 Investor Relations Meeting on June 14th, 2007. The meeting included presentations and a question and answer session, and was available via webcast and phone. Progressive also reported its May 2007 results, including a 3% decrease in net premiums written compared to May 2006, and a 35% decrease in net income. Policies in force increased slightly across personal and commercial auto insurance. The company also provided supplemental financial information for May 2007 and year-to-date.
Progressive reported its November 2008 results, including:
- Net income of $137.5 million, up 48% from November 2007.
- Net premiums written increased 2% to $926.9 million.
- Combined ratio improved 0.5 percentage points to 93.8%.
- Total personal auto policies in force grew 1% to over 7.1 million policies.
Progressive Corporation reported its January 2008 results. Net premiums written decreased 3% to $1.27 billion from January 2007. Net income decreased 11% to $121.9 million compared to January 2007. The combined ratio, a measure of profitability, increased 5.5 percentage points to 93.3%. Total personal auto policies in force grew 2% year-over-year to over 7 million policies.
The Progressive Corporation's June 2004 report discusses the company's loss reserving practices and process. It aims to help stakeholders understand how loss reserving affects financial results. Progressive strives for loss reserve estimates that are adequately conservative while minimizing variation over time. The report covers Progressive's business highlights, financial objectives, types of reserves, how reserves are estimated, and recent process enhancements. It provides technical details on reserve estimation and analysis to give readers an accessible view into this important function.
The Progressive Corporation reported financial results for March 2008. Net income decreased 46% from the previous year to $71.3 million. Earned premiums decreased 3% to $1.049 billion. The combined ratio increased 4.6 points to 92.8 due to losses from declines in the market value of securities. Total personal auto policies in force grew 1% to over 7.1 million policies.
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.
Progressive Corporation announced its December 2007 results. Net premiums written decreased 1% to $910.1 million compared to December 2006. Net income decreased 51% to $67.6 million compared to December 2006. The combined ratio was 95.8% compared to 86.6% in December 2006. Progressive also reported results for the full year 2007, with net premiums written decreasing 3% to $13.77 billion compared to 2006. Net income decreased 28% to $1.18 billion compared to 2006. The combined ratio for 2007 was 95% compared to 87.7% in 2006.
Progressive Corporation announced its December 2007 results. Net premiums written decreased 1% to $910.1 million compared to December 2006. Net income decreased 51% to $67.6 million compared to December 2006. The combined ratio was 95.8% compared to 86.6% in December 2006. Progressive also reported results for the full year 2007, with net premiums written decreasing 3% to $13.77 billion compared to 2006. Net income decreased 28% to $1.18 billion compared to 2006. The combined ratio for 2007 was 95% compared to 87.7% in 2006.
- Progressive reported its October 2007 results, with net premiums written down 4% from the previous year and net income down 42%
- Total personal auto policies in force grew 2% while special lines policies grew 8%, and commercial auto policies grew 7%
- The combined ratio was 94.9%, up 5.8 points from the previous year, driven by a higher loss ratio and lower investment income
- Progressive announced a reduction in force that would result in approximately $8 million in severance expenses to be reported in November 2007
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.
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.
Progressive Corporation reported its May 2008 results. Net premiums written decreased 1% to $1.049 billion compared to May 2007. Net income decreased 3% to $79.3 million compared to May 2007. The combined ratio improved to 92.4% from 93.3% in May 2007 due to a decrease in losses and loss adjustment expenses. Total personal auto policies in force increased 1% to over 7.1 million policies compared to May 2007.
- Progressive is scheduled to hold a conference call on February 27, 2009 at 9am Eastern time to address questions about their 2008 Shareholders' Report and Form 10-K filing with the SEC.
- In December 2008, Progressive reported a net loss of $123.2 million compared to net income of $67.6 million in December 2007. Earnings per share was $(0.18) for December 2008.
- Progressive saw a 3.1 point increase in its combined ratio, which measures underwriting profitability, rising to 98.9% for December 2008 from 95.8% the previous year.
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.
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%.
Progressive reported its November 2007 results. Net premiums written decreased 5% to $912.8 million compared to November 2006. Net income also decreased 29% to $93 million. The combined ratio increased to 94.3% from 87% the prior year. Policies in force grew 2% for personal auto and 8% for special lines compared to November 2006.
- The Progressive Corporation reported financial results for November 2007, with net income of $93.0 million, down 29% from November 2006. Net written premiums decreased 5% to $912.8 million.
- The combined ratio was 94.3%, up 7.3 percentage points from November 2006, driven by higher losses and loss adjustment expenses.
- Total personal auto policies in force grew 2% to over 7 million, while special lines policies increased 8% and commercial auto policies rose 7% compared to November 2006.
1) The Progressive Corporation reported its October 2006 results including net premiums written of $1,315.8 million, down 1% from October 2005, and net income of $130.1 million, up 73% from the previous year.
2) Progressive's combined ratio was 89.1 for October 2006, an improvement of 5.1 percentage points from 94.2 in October 2005.
3) Progressive offers auto insurance to personal and commercial drivers throughout the United States, writing policies for private passenger vehicles, recreational vehicles, and automobiles and trucks owned by small businesses.
The Progressive Corporation reported financial results for October 2006. Net premiums written decreased 1% to $1.315 billion while net premiums earned increased 1% to $1.354 billion. Net income increased 73% to $130.1 million compared to October 2005. The combined ratio improved to 89.1% from 94.2% in October 2005. For the year-to-date period, net premiums written increased 1% to $12.253 billion and net income grew 16% to $1.376 billion. The company's book value per share was $8.98 and return on equity was 24.8% for the trailing twelve months.
The Progressive Corporation reported financial results for 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 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 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.
Progressive Corporation reported its October 2008 results. Net income was $145.0 million, up 92% from October 2007. Earned premiums remained flat at $1.316.2 million. The combined ratio improved 1.7 points to 93.2%. Total personal auto policies in force grew 1% to over 7 million. Progressive holds a conference call on November 12, 2008 to discuss the results.
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 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.
This document provides supplementary financial information for The Chubb Corporation for the quarter ending March 31, 2005. It includes:
- Consolidated balance sheet highlights showing total invested assets of $31.9 billion.
- Summaries of invested assets by corporate and property/casualty segments.
- Investment income after taxes for corporate and property/casualty segments.
- Property/casualty insurance group statutory surplus of $8.25 billion.
- Changes in net unpaid losses for various lines of business.
- Worldwide underwriting results by line of business, showing a total statutory underwriting income of $134.4 million.
The document provides supplementary investor information from The Chubb Corporation as of June 30, 2005. It includes:
- Consolidated balance sheet highlights showing total invested assets of $32.9 billion including fixed maturities and equity securities.
- Summaries of invested assets for Chubb's Corporate and Property & Casualty segments totaling over $31 billion.
- Investment income after taxes for the second quarter and first half of 2005, with Property & Casualty investment income of $261 million and $513 million respectively.
- Property & Casualty underwriting results for the second quarter and first half of 2005, including a $4.3 billion statutory policyholders' surplus for the P
Supplementary Investor Information Y13880_Edgar_992_0333_finance18
The document provides supplementary investor information for The Chubb Corporation for the third quarter of 2005, including:
1) Consolidated balance sheet highlights and summaries of invested assets for both corporate and property/casualty segments.
2) Property/casualty underwriting results for the first nine months of 2005, showing a statutory underwriting income of $293.6 million.
3) Details of changes in net unpaid losses and the estimated impact of catastrophes including Hurricane Katrina of $511 million pre-tax cost.
The document provides supplementary investor information for The Chubb Corporation as of December 31, 2005. It includes a consolidated balance sheet, details on share repurchase activity, summaries of invested assets and investment income for both corporate and property & casualty segments. It also provides property & casualty underwriting results for 2005 and 2004, including net premiums written and earned, losses incurred and expenses by line of business.
This document provides supplementary financial information for The Chubb Corporation as of March 31, 2006. It includes consolidated balance sheet highlights, share repurchase activity, summaries of invested assets for corporate and property & casualty segments, investment income after taxes, statutory policyholders' surplus, changes in net unpaid losses, and underwriting results for personal, commercial, and specialty insurance lines of business. Key metrics such as loss ratios, expense ratios, and combined ratios are also presented.
This document provides supplementary investor information from The Chubb Corporation for the period ending June 30, 2006. It includes consolidated balance sheet highlights, share repurchase activity, summaries of invested assets, investment income after taxes, statutory policyholders' surplus, changes in net unpaid losses, and underwriting results by line of business for year-to-date and quarterly periods. Key metrics such as loss ratios, expense ratios, and combined ratios are presented.
The document provides financial information for The Chubb Corporation as of September 30, 2006. It includes highlights of consolidated balance sheet items, share repurchase activity, summaries of invested assets and investment income for both corporate and property/casualty segments. Details are also given on property/casualty underwriting results for various lines of business on a year-to-date and quarterly basis, including ratios and comparisons to prior periods. Key terms are defined at the end.
This document provides supplementary investor information from The Chubb Corporation for the period ending December 31, 2006. It includes highlights of consolidated balance sheet items, summaries of invested assets, investment income after taxes, statutory policyholders' surplus, changes in unpaid losses, and worldwide property and casualty underwriting results for 2006 and 2005. Specifically, total invested assets increased to $37.7 billion in 2006 from $34.6 billion in 2005. Net income after taxes from investments was $1.2 billion for property and casualty in 2006. Statutory policyholders' surplus grew to $11.3 billion in 2006 from $8.9 billion in 2005.
This document provides a summary of financial information for The Chubb Corporation as of March 31, 2007. Some key highlights include:
- Total invested assets were $38.7 billion as of March 31, 2007, with fixed maturities making up the majority.
- Statutory policyholders' surplus for Chubb's property and casualty insurance group was estimated at $11.95 billion as of March 31, 2007, with a ratio of statutory net premiums written to surplus of 1.00 to 1.
- For the three months ended March 31, 2007, Chubb's worldwide property and casualty underwriting results showed a total underwriting income of $202 million for personal insurance and $144 million
This document provides supplementary investor information from The Chubb Corporation for the period ending June 30, 2007. It includes highlights of Chubb's consolidated balance sheet, share repurchase activity, summaries of invested assets for Corporate and Property & Casualty segments, and investment income after taxes. Key metrics provided are total invested assets of $39.5 billion, shareholders' equity of $13.8 billion, and year-to-date Property & Casualty investment income of $360 million.
This document provides supplementary investor information for The Chubb Corporation, including consolidated balance sheet highlights, share repurchase activity, summaries of invested assets, investment income after taxes, statutory policyholders' surplus, changes in net unpaid losses, and underwriting results for both the nine months and quarters ended September 30, 2007 and 2006. Key figures include total invested assets of $40.5 billion, shareholders' equity of $14.2 billion, and worldwide property and casualty underwriting income of $543 million for the nine months ended September 30, 2007.
This document provides supplementary financial information for The Chubb Corporation as of December 31, 2007. It includes highlights of consolidated balance sheets, share repurchase activity, summaries of invested assets, investment income after taxes for corporate and property/casualty divisions, statutory policyholder surplus, changes in unpaid losses, and underwriting results by line of business for 2007 and 2006.
This document provides financial information about Chubb Corporation's property and casualty underwriting results for 2007 and 2006. It summarizes key metrics like net premiums written, losses incurred, expenses incurred, underwriting income, and combined loss/expense ratios for different business lines including personal, commercial, and specialty insurance. It also notes that beginning in 2008, foreign currency fluctuations will be accounted for differently in the reporting of losses paid and outstanding losses. Overall underwriting income increased from $1.886 billion to $2.064 billion from 2006 to 2007.
The document provides supplementary financial information for Chubb Corporation as of March 31, 2008. Key highlights include:
- Total invested assets were $40.1 billion, with fixed maturities making up the majority.
- Statutory policyholders' surplus for property and casualty insurance was estimated at $13.3 billion, with a ratio of net premiums written to surplus of 0.9 to 1.
- For the three months ended March 31, 2008, worldwide underwriting resulted in a total profit of $138 million for commercial lines and $164 million for personal lines. Loss and expense ratios remained high but stable.
The document is a report from The Chubb Corporation detailing changes to how losses are presented in their property and casualty underwriting results. Specifically, beginning in Q3 2008, foreign currency fluctuations will impact "net losses paid" and "increase (decrease) in outstanding losses" differently than before. The report provides definitions, ratios, and quarterly underwriting results for Q1 2008 and 2007 to reflect these presentation modifications. Incurred losses remain unchanged.
This document provides supplementary investor information from The Chubb Corporation, including:
- Consolidated balance sheet highlights and share repurchase activity as of June 30, 2008.
- Summaries of invested assets for Corporate and Property & Casualty segments.
- Investment income after taxes for Corporate and Property & Casualty segments for the second quarter and first six months of 2008 versus 2007.
- Property & Casualty statutory policyholders' surplus, change in net unpaid losses, and underwriting results by line of business for the first half of 2008 versus the same period in 2007.
This document from Chubb Corporation reports modifications to the presentation of losses incurred in property and casualty underwriting results for the six months ended June 30, 2008 and 2007. Specifically, it notes that beginning in Q3 2008, foreign currency fluctuations will be reflected differently in "net losses paid" and "increase (decrease) in outstanding losses", though incurred losses remain unchanged. It provides definitions of key terms like underwriting income/loss and combined loss/expense ratio used to evaluate underwriting performance. The document then presents detailed underwriting results by line of business and geographic region.
This document provides supplementary investor information from The Chubb Corporation for the quarter ending September 30, 2008. It includes a consolidated balance sheet, share repurchase activity, summaries of invested assets for corporate and property & casualty divisions, and investment income and underwriting results. Beginning in Q3 2008, foreign currency fluctuations will impact property & casualty loss reporting differently than in the past.
This document provides supplementary financial information for The Chubb Corporation as of December 31, 2008. It includes highlights of the consolidated balance sheet, share repurchase activity, summaries of invested assets for the Corporate and Property and Casualty segments, and investment income. It also contains information on statutory policyholders' surplus, changes in unpaid losses, and underwriting results for year-to-date and quarterly periods for the Property and Casualty Insurance Group. Key terms are defined at the end.
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Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
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progressive mreport-09/07
1. NEWS
RELEASE
The Progressive Corporation Company Contact:
6300 Wilson Mills Road Patrick Brennan
Mayfield Village, Ohio 44143 (440) 395-2370
http://www.progressive.com
Progressive is scheduled to hold a one-hour conference call to address questions on Friday, November 2, 2007, at 9:00 a.m. eastern
time, subsequent to the posting of our Shareholders’ Report online and the filing of our Quarterly Report on Form 10-Q with the SEC.
Registration for the teleconference and webcast is scheduled to be available at http://investors.progressive.com/events.asp on or after
October 15, 2007.
PROGRESSIVE REPORTS SEPTEMBER RESULTS
MAYFIELD VILLAGE, OHIO -- October 10, 2007 -- The Progressive Corporation today reported the following results for September
and the third quarter 2007:
Month Quarter
(millions, except per share amounts and
2007 2006 Change 2007 2006 Change
ratios)
Net premiums written $1,040.8 $1,054.7 (1)% $3,483.2 $3,581.5 (3)%
Net premiums earned 1,061.2 1,087.0 (2)% 3,461.8 3,544.3 (2)%
Net income 103.8 138.1 (25)% 299.2 409.6 (27)%
Per share .15 .18 (18)% .42 .53 (21)%
Pretax net realized gains (losses) 32.9 6.0 448% 58.5 2.4 2338%
on securities
Combined ratio 94.8 86.9 7.9 pts. 93.7 87.3 6.4 pts.
Average diluted equivalent 701.8 766.9 (8)% 710.8 772.2 (8)%
shares
(in thousands) September September
Policies in Force 2007 2006 Change
Total Personal Auto 7,031.1 6,901.1 2%
Total Special Lines 3,140.4 2,905.5 8%
Total Commercial Auto 540.9 505.8 7%
Progressive offers insurance to personal and commercial auto drivers throughout the United States. Our Personal Lines Business writes
insurance for private passenger automobiles and recreational vehicles. Our Commercial Auto Business writes primary liability, physical
damage and other auto-related insurance for automobiles and trucks owned by small businesses.
See the “Income Statements” and “Supplemental Information” for further month and year-to-date information and the “Monthly
Commentary” at the end of this release for additional discussion.
-1-
2. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
INCOME STATEMENT
September 2007
(millions – except per share amounts)
(unaudited)
Current
Comments on Monthly Results1
Month
Net premiums written $1,040.8
Revenues:
Net premiums earned $1,061.2
Investment income 64.7
Net realized gains (losses) on securities 32.9 Includes $9.8 million of write-downs on securities determined
to have an other-than-temporary decline in market value.
Service revenues 1.6
Total revenues 1,160.4
Expenses:
Losses and loss adjustment expenses 772.9
106.5
Policy acquisition costs
Other underwriting expenses 127.2
Investment expenses .9
Service expenses 1.8
Interest expense 11.6
Total expenses 1,020.9
Income before income taxes 139.5
Provision for income taxes 35.7 Lower effective rate primarily reflects a $4 million tax benefit
related to a deduction associated with the payment of the
special cash dividend to employees holding unvested restricted
stock awards.
Net income $103.8
COMPUTATION OF EARNINGS PER SHARE
Basic:
Average shares outstanding 694.2
Per share $.15
Diluted:
Average shares outstanding 694.2
Net effect of dilutive stock-based compensation 7.6
Total equivalent shares 701.8
Per share $.15
1
See the Monthly Commentary at the end of this release for additional discussion. For a description of our reporting and accounting
policies, see Note 1 to our 2006 audited consolidated financial statements included in our 2006 Shareholders’ Report, which can be
found at www.progressive.com/annualreport.
The following table sets forth the investment results for the month:
Fully taxable equivalent total return:
Fixed-income securities .9%
Common stocks 3.9%
Total portfolio 1.4%
Pretax recurring investment book yield 5.4%
-2-
3. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
INCOME STATEMENTS
September 2007 Year-to-Date
(millions – except per share amounts)
(unaudited)
Year-to-Date
%
2007 2006 Change
Net premiums written $10,688.6 $10,937.8 (2)
Revenues:
Net premiums earned $10,464.8 $10,609.2 (1)
Investment income 514.8 484.0 6
Net realized gains (losses) on securities 75.2 (24.2) NM
Service revenues 17.5 23.6 (26)
Total revenues 11,072.3 11,092.6 0
Expenses:
Losses and loss adjustment expenses 7,398.0 7,034.7 5
Policy acquisition costs 1,058.1 1,086.7 (3)
Other underwriting expenses 1,154.3 1,042.2 11
Investment expenses 10.3 8.8 17
Service expenses 15.3 19.3 (21)
Interest expense 74.1 58.4 27
Total expenses 9,710.1 9,250.1 5
Income before income taxes 1,362.2 1,842.5 (26)
Provision for income taxes 415.8 595.9 (30)
Net income $946.4 $1,246.6 (24)
COMPUTATION OF EARNINGS PER SHARE
Basic:
Average shares outstanding 720.6 779.7 (8)
Per share $1.31 $1.60 (18)
Diluted:
Average shares outstanding 720.6 779.7 (8)
Net effect of dilutive stock-based compensation 8.3 9.8 (15)
Total equivalent shares 728.9 789.5 (8)
Per share $1.30 $1.58 (18)
NM = Not Meaningful
The following table sets forth the investment results for the year-to-date period:
2007 2006
Fully taxable equivalent total return:
Fixed-income securities 4.5% 4.5%
Common stocks 9.8% 8.7%
Total portfolio 5.3% 5.1%
Pretax recurring investment book yield 4.8% 4.6%
-3-
4. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
September 2007
($ in millions)
(unaudited)
Current Month
Commercial
Personal Lines Auto Other Companywide
Businesses1
Agency Direct Total Business Total
Net Premiums Written $565.8 $342.6 $908.4 $131.0 $1.4 $1,040.8
% Growth in NPW (3)% 2% (1)% (1)% NM (1)%
Net Premiums Earned $581.6 $335.6 $917.2 $142.4 $1.6 $1,061.2
% Growth in NPE (4)% 0% (2)% (2)% NM (2)%
GAAP Ratios
Loss/LAE ratio 73.3 71.9 72.8 72.9 NM 72.8
Expense ratio 21.9 22.6 22.2 20.7 NM 22.0
Combined ratio 95.2 94.5 95.0 93.6 NM 94.8
Actuarial Adjustments2
Reserve Decrease/(Increase)
Prior accident years $.8
Current accident year (1.4)
Calendar year actuarial adjustment $1.3 $.4 $1.7 $(2.3) $0 $(.6)
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment $.8
All other development (2.6)
Total development $(1.8)
Calendar year loss/LAE ratio 72.8
Accident year loss/LAE ratio 72.6
Statutory Ratios
Loss/LAE ratio 72.8
Expense ratio 21.8
Combined ratio 94.6
NM = Not Meaningful
1
Primarily includes professional liability insurance for community banks and Progressive’s run-off businesses. The other
businesses generated an underwriting loss of $.6 million for the month.
2
Represents adjustments solely based on our corporate actuarial reviews.
-4-
5. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
September 2007 Year-to-Date
($ in millions) (unaudited)
Year-to-Date
Commercial
Personal Lines Auto Other Companywide
Businesses1
Agency Direct Total Business Total
Net Premiums Written $5,860.5 $3,375.9 $9,236.4 $1,435.0 $17.2 $10,688.6
% Growth in NPW (4)% 0% (2)% (3)% NM (2)%
Net Premiums Earned $5,772.3 $3,285.3 $9,057.6 $1,391.0 $16.2 $10,464.8
% Growth in NPE (3)% 1% (2)% 1% NM (1)%
GAAP Ratios
Loss/LAE ratio 71.7 70.2 71.2 68.1 NM 70.7
Expense ratio 21.3 21.1 21.2 20.3 NM 21.1
Combined ratio 93.0 91.3 92.4 88.4 NM 91.8
Actuarial Adjustments2
Reserve Decrease/(Increase)
Prior accident years $32.9
Current accident year (6.3)
Calendar year actuarial adjustment $14.4 $9.0 $23.4 $3.5 $(.3) $26.6
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment $32.9
All other development (92.3)
Total development $(59.4)
Calendar year loss/LAE ratio 70.7
Accident year loss/LAE ratio 70.1
Statutory Ratios
Loss/LAE ratio 70.7
Expense ratio 20.9
Combined ratio 91.6
Statutory Surplus3 $5,155.3
NM = Not Meaningful
September September
2007 2006 Change
Policies in Force
(in thousands)
Agency – Auto 4,459.2 4,482.4 (1)%
Direct – Auto 2,571.9 2,418.7 6%
Special Lines4 3,140.4 2,905.5 8%
Total Personal Lines 10,171.5 9,806.6 4%
Commercial Auto Business 540.9 505.8 7%
1
The other businesses generated an underwriting profit of $2.4 million.
2
Represents adjustments solely based on our corporate actuarial reviews.
3
During September, the insurance subsidiaries declared ordinary dividends of $80.0 million, net of capital contributions, for
payment to the parent company.
4
Includes insurance for motorcycles, recreational vehicles, mobile homes, watercraft, snowmobiles and similar items, as well as a
personal umbrella product.
-5-
6. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
BALANCE SHEET AND OTHER INFORMATION
(millions – except per share amounts)
(unaudited)
September
2007
CONDENSED GAAP BALANCE SHEET:1
Investments – Available-for-sale, at fair value:
Fixed maturities (amortized cost: $9,664.2) $9,677.1
Equity securities:
Preferred stocks2 (cost: $2,358.7) 2,312.9
Common equities (cost: $1,388.5) 2,453.1
Short-term investments (amortized cost: $374.1) 374.1
Total investments3 14,817.2
Net premiums receivable 2,614.0
Deferred acquisition costs 461.1
Other assets 1,773.2
Total assets $19,665.5
Unearned premiums $4,547.4
Loss and loss adjustment expense reserves 5,920.8
Other liabilities3 1,679.9
Debt 2,173.5
Shareholders’ equity 5,343.9
Total liabilities and shareholders’ equity $19,665.5
Common Shares outstanding 698.1
Shares repurchased – September 7.1
Average cost per share $19.54
Book value per share $7.65
Trailing 12-month return on average shareholders’ equity 20.8%
Net unrealized pretax gains on investments $1,034.7
Increase (decrease) from August 2007 $104.3
Increase (decrease) from December 2006 $116.5
Debt-to-total capital ratio 28.9%
Fixed-income portfolio duration 3.4 years
Weighted average credit quality AA
Year-to-date Gainshare factor .77
1
Loss and loss adjustment expense reserves are stated gross of reinsurance recoverables on unpaid
losses of $309.8 million.
2
As of September 30, 2007, we held certain hybrid securities and recognized a change in fair value of
$3.0 million as a realized loss during the period we held these securities.
3
Includes net unsettled security transactions of $136.5 million.
-6-
7. Monthly Commentary
• On September 14, 2007, The Progressive Corporation paid $1.4 billion related to the $2.00 per Common Share extraordinary
cash dividend that was declared by the Board of Directors on June 13, 2007, and payable to shareholders of record as of the
close of business on August 31, 2007.
About Progressive
The Progressive Group of Insurance Companies, in business since 1937, is the country’s third largest auto insurance group and largest
seller of motorcycle and personal watercraft policies based on premiums written, and is a market leader in commercial auto insurance.
Progressive is committed to becoming consumers’ #1 choice for auto insurance by providing competitive products and rates that meet
drivers’ needs throughout their lifetimes, superior online and in-person customer service, and best-in-class, 24-hour claims service,
including its concierge level of claims service available at service centers located in major metropolitan areas throughout the United
States.
Progressive companies offer consumers choices in how to shop for, buy and manage their auto insurance policies. Progressive offers its
products, including personal and commercial auto, motorcycle, boat and recreational vehicle insurance, through more than 30,000
independent insurance agencies throughout the U.S. and online and by phone directly from the Company. To find an agent or to get a
quote, go to www.progressive.com.
The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, are publicly traded at
NYSE:PGR. For more information, including a guide to interpreting the monthly reporting package, visit www.progressive.com.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Statements in this release that are not historical fact
are forward-looking statements that are subject to certain risks and uncertainties that could cause actual events and results to differ
materially from those discussed herein. These risks and uncertainties include, without limitation, uncertainties related to estimates,
assumptions and projections generally; inflation and changes in economic conditions (including changes in interest rates and financial
markets); the accuracy and adequacy of our pricing and loss reserving methodologies; the competitiveness of our pricing and the
effectiveness of our initiatives to retain more customers; initiatives by competitors and the effectiveness of our response; our ability to
obtain regulatory approval for requested rate changes and the timing thereof; the effectiveness of our brand strategy and advertising
campaigns relative to those of competitors; legislative and regulatory developments; disputes relating to intellectual property rights; the
outcome of litigation pending or that may be filed against us; weather conditions (including the severity and frequency of storms,
hurricanes, snowfalls, hail and winter conditions); changes in driving patterns and loss trends; acts of war and terrorist activities; our
ability to maintain the uninterrupted operation of our facilities, systems (including information technology systems) and business
functions; court decisions and trends in litigation and health care and auto repair costs; and other matters described from time to time in
our releases and publications, and in our periodic reports and other documents filed with the United States Securities and Exchange
Commission. In addition, investors should be aware that generally accepted accounting principles prescribe when a company may
reserve for particular risks, including litigation exposures. Accordingly, results for a given reporting period could be significantly
affected if and when a reserve is established for one or more contingencies. Reported results, therefore, may appear to be volatile in
certain accounting periods.
-7-