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.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
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, February 27, 2009, at 9 a.m. eastern time,
subsequent to the posting of our 2008 Shareholders’ Report online and the filing of our 2008 Annual Report on Form 10-K with the
SEC. Registration for the teleconference or webcast is scheduled to be available at http://investors.progressive.com/events.aspx in early
February 2009.
PROGRESSIVE REPORTS DECEMBER RESULTS
MAYFIELD VILLAGE, OHIO -- January 21, 2009 -- The Progressive Corporation today reported the following results for
December 2008:
Month Quarter
(millions, except per share amounts and
2008 2007 Change 2008 2007 Change
ratios; unaudited)
Net premiums written $905.7 $910.1 0% $3,091.8 $3,083.9 0%
Net premiums earned $1,047.5 $1,044.5 0% $3,414.0 $3,412.6 0%
Net income (loss) $(123.2) $67.6 NM $159.3 $236.1 (33)%
1
Per share $(.18) $.10 NM $.24 $.34 (31)%
Pretax net realized gains (losses) $(247.8) $(.7) NM $(59.3) $31.1 NM
on securities2
Combined ratio 98.9 95.8 3.1 pts. 95.2 95.0 .2 pts.
Average equivalent shares1 667.1 681.4 (2)% 671.7 687.3 (2)%
NM = Not Meaningful
1
Since we reported a net loss for December 2008, the calculated earnings per share was antidilutive; therefore, basic earnings per
share is disclosed. For all other periods, diluted earnings per share is disclosed.
2
See the “Monthly Commentary” for additional discussion.
(in thousands; unaudited) December December
Policies in Force 2008 2007 Change
Total Personal Auto 7,112.6 6,995.3 2%
Total Special Lines 3,352.3 3,120.3 7%
Total Commercial Auto 539.4 539.2 0%
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
December 2008
(millions – except per share amounts)
(unaudited)
Current
Comments on Monthly Results1
Month
Net premiums written $905.7
Revenues:
Net premiums earned $1,047.5
Investment income 47.3 Reduction in recurring income primarily reflects investments
in lower yielding securities as well as a cumulative reduction
reflecting yield adjustments due to lower interest rates on our
variable rate mortgage-backed securities.
Net realized gains (losses) on securities (247.8) Includes $337.1 million of write-downs on securities
determined to have had other-than-temporary declines in
market value. See the “Monthly Commentary” for further
discussion.
Service revenues 1.1
Total revenues 848.1
Expenses:
Losses and loss adjustment expenses 821.9
103.7
Policy acquisition costs
Other underwriting expenses 110.6
Investment expenses .6
Service expenses 1.1
Interest expense 11.3
Total expenses 1,049.2
Income (loss) before income taxes (201.1)
Provision (benefit) for income taxes (77.9)
Net income (loss) $(123.2)
COMPUTATION OF EARNINGS PER SHARE
Basic:
Average shares outstanding 667.1
Per share $(.18)
Diluted:
Average shares outstanding 667.1
Net effect of dilutive stock-based compensation 5.2
Total equivalent shares 672.3
Per share2 $(.18)
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 2007 audited consolidated financial statements included in our 2007 Shareholders’ Report, which can be
found at www.progressive.com/annualreport.
2
Since we reported a net loss for December 2008, the calculated earnings per share was antidilutive; therefore, basic earnings per share
is disclosed.
The following table sets forth the investment results for the month:
Fully taxable equivalent total return:
Fixed-income securities 3.0%
Common stocks 1.7%
Total portfolio 2.9%
Pretax recurring investment book yield 4.3%
-2-
3. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
INCOME STATEMENTS
Year Ended December 2008
(millions – except per share amounts)
(unaudited)
Year
%
2008 2007 Change
Net premiums written $13,604.3 $13,772.5 (1)
Revenues:
Net premiums earned $13,631.4 $13,877.4 (2)
Investment income 637.7 680.8 (6)
Net realized gains (losses) on securities (1,445.1) 106.3 NM
Service revenues 16.1 22.3 (28)
Total revenues 12,840.1 14,686.8 (13)
Expenses:
Losses and loss adjustment expenses 10,015.0 9,926.2 1
Policy acquisition costs 1,358.1 1,399.9 (3)
Other underwriting expenses 1,523.4 1,526.2 0
Investment expenses 8.8 12.4 (29)
Service expenses 20.4 20.5 0
Interest expense 136.7 108.6 26
Total expenses 13,062.4 12,993.8 1
Income (loss) before income taxes (222.3) 1,693.0 NM
Provision (benefit) for income taxes (152.3) 510.5 NM
Net income (loss) $(70.0) $1,182.5 NM
COMPUTATION OF EARNINGS PER SHARE
Basic:
Average shares outstanding 668.0 710.4 (6)
Per share $(.10) $1.66 NM
Diluted:
Average shares outstanding 668.0 710.4 (6)
Net effect of dilutive stock-based compensation 5.9 8.1 (27)
Total equivalent shares 673.9 718.5 (6)
Per share1 $(.10) $1.65 NM
NM = Not Meaningful
1
Since we reported a net loss for 2008, the calculated earnings per share was antidilutive; therefore, basic earnings per share is disclosed.
For 2007, diluted earnings per share is disclosed.
2008 2007
The following table sets forth the investment results for the year-to-date period:
Fully taxable equivalent total return:
Fixed-income securities (7.1)% 4.4%
Common stocks (36.5)% 6.2%
Total portfolio (10.4)% 4.7%
Pretax recurring investment book yield 4.7% 4.8%
-3-
4. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
December 2008
($ in millions)
(unaudited)
Current Month
Commercial
Personal Lines Business Auto Other Companywide
Businesses1
Agency Direct Total Business Total
Net Premiums Written $488.0 $320.8 $808.8 $95.5 $1.4 $905.7
% Growth in NPW (2)% 7% 1% (13)% NM 0%
Net Premiums Earned $559.9 $355.1 $915.0 $130.7 $1.8 $1,047.5
% Growth in NPE (2)% 6% 1% (6)% NM 0%
GAAP Ratios
Loss/LAE ratio 78.1 80.6 79.1 75.0 NM 78.4
Expense ratio 21.3 18.8 20.3 20.9 NM 20.5
Combined ratio 99.4 99.4 99.4 95.9 NM 98.9
Actuarial Adjustments2
Reserve Decrease/(Increase)
Prior accident years $(9.5)
Current accident year 6.2
Calendar year actuarial adjustment $.6 $(.4) $.2 $(3.4) $(.1) $(3.3)
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment $(9.5)
All other development 8.2
Total development $(1.3)
Calendar year loss/LAE ratio 78.4
Accident year loss/LAE ratio 78.3
Statutory Ratios
Loss/LAE ratio 78.5
Expense ratio 21.3
Combined ratio 99.8
1
Primarily includes professional liability insurance for community banks and Progressive’s run-off businesses. The other
businesses generated an underwriting profit of $.8 million for the month. Combined ratios and % growth are not meaningful
(NM) due to the low level of premiums earned by, and the variability of losses in, such businesses.
2
Represents adjustments solely based on our corporate actuarial reviews.
-4-
5. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
Year Ended December 2008
($ in millions) (unaudited)
Year
Commercial
Personal Lines Business Auto Other Companywide
Businesses1
Agency Direct Total Business Total
Net Premiums Written $7,322.3 $4,556.5 $11,878.8 $1,704.8 $20.7 $13,604.3
% Growth in NPW (3)% 4% 0% (7)% NM (1)%
Net Premiums Earned $7,362.0 $4,485.8 $11,847.8 $1,762.2 $21.4 $13,631.4
% Growth in NPE (4)% 3% (1)% (5)% NM (2)%
GAAP Ratios
Loss/LAE ratio 73.7 73.3 73.5 73.2 NM 73.5
Expense ratio 21.4 20.6 21.1 21.5 NM 21.1
Combined ratio 95.1 93.9 94.6 94.7 NM 94.6
Actuarial Adjustments2
Reserve Decrease/(Increase)
Prior accident years $(56.1)
Current accident year 3.6
Calendar year actuarial adjustment $(14.0) $(15.8) $(29.8) $(22.8) $.1 $(52.5)
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment $(56.1)
All other development 22.9
Total development $(33.2)
Calendar year loss/LAE ratio 73.5
Accident year loss/LAE ratio 73.3
Statutory Ratios
Loss/LAE ratio 73.5
Expense ratio 21.1
Combined ratio 94.6
Estimated Statutory Surplus3 $4,470.6
NM = Not Meaningful
December December
2008 2007 Change
Policies in Force
(in thousands)
Agency – Auto 4,288.6 4,396.8 (2)%
Direct – Auto 2,824.0 2,598.5 9%
Special Lines4 3,352.3 3,120.3 7%
Total Personal Lines Business 10,464.9 10,115.6 3%
Commercial Auto Business 539.4 539.2 0%
1
The other businesses generated an underwriting profit of $5.3 million.
2
Represents adjustments solely based on our corporate actuarial reviews.
3
As it relates to our insurance subsidiaries, in December, we contributed $80.1 million to such subsidiaries, net of dividends
received. During the month, our insurance subsidiaries wrote down $283.5 million of securities determined to be other-than-
temporarily impaired, of which $102.1 million were previously recorded as unrealized losses, and, in addition, recognized $59.6
million of net realized gains.
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)
December
2008
CONDENSED GAAP BALANCE SHEET:1
Investments – Available-for-sale, at fair value:
Fixed maturities (amortized cost: $10,295.3) $9,946.7
Equity securities:
Preferred stocks2 (cost: $1,131.3) 1,150.0
Common equities (cost: $553.6) 727.8
Short-term investments (amortized cost: $1,153.6) 1,153.6
Total investments3,4 12,978.1
Net premiums receivable 2,408.6
Deferred acquisition costs 414.0
Other assets 2,449.8
Total assets $18,250.5
Unearned premiums $4,175.9
Loss and loss adjustment expense reserves 6,177.4
Other liabilities5 1,506.4
Debt 2,175.5
Shareholders’ equity 4,215.3
Total liabilities and shareholders’ equity $18,250.5
Common Shares outstanding 676.5
Shares repurchased – December6 .1
Average cost per share $14.71
Book value per share $6.23
Trailing 12-month return on average shareholders’ equity (1.5)%
Net unrealized pretax gains (losses) on investments $(118.2)
Increase (decrease) from November 2008 $568.1
Increase (decrease) from December 2007 $(833.6)
Debt-to-total capital ratio 34.0%
Fixed-income portfolio duration 3.2 years
Weighted average credit quality AA+
Year-to-date Gainshare factor7 .80
1
Loss and loss adjustment expense reserves are stated gross of reinsurance recoverables on unpaid
losses of $244.5 million.
2
As of December 31, 2008, we held certain hybrid securities and recognized a change in fair value of
$37.5 million as a realized loss during the period we held these securities.
3
Includes $4.8 billion of cash and U. S. Treasury securities prior to settling $.3 billion of net security
transactions outstanding as of month-end.
4
Includes $1.0 billion, net of unsettled security transactions, of investments in a consolidated, non-
insurance subsidiary of the holding company.
5
Includes $.3 billion of net unsettled security transactions (as discussed in note 3 above).
6
Repurchases were made in conjunction with our incentive compensation plans.
7
On December 12, 2008, our Board of Directors confirmed that there would not be a shareholder
dividend paid for 2008 under our variable dividend policy since our year-to-date comprehensive net
income was less than after-tax underwriting income.
-6-
7. Monthly Commentary
Operating Results
• For December, our higher loss/LAE ratio reflected an increase in frequency in both the property damage and
collision coverages in the Midwest, Upper Great Plains and New England areas of the country, reflecting the more
severe weather conditions during the month.
Investment Results
• During December, we recognized $247.8 million in net realized losses. We wrote down $337.1 million in securities
that were determined to have had an other-than-temporary decline in market value. Approximately 85%, or $283.5
million, of the write-downs were on securities held in our insurance subsidiaries. In addition, we recognized net
gains from security sales and generated net holding period gains on our derivative instruments during the month.
The table below shows the components of our net realized losses for December.
(millions; pretax) Comments
Other-than-temporary impairment
losses:
Fixed maturities:
Corporate debt $(25.2)
Structured debt (10.5)
Redeemable preferred stocks (155.7) Primarily represents further write-downs on preferred stocks that were
initially written down in the third quarter 2008.
Preferred stocks-nonredeemable (105.2)
Common stocks (40.5)
Subtotal (337.1)
Gains (losses) on security sales:
Fixed maturities 86.8 Reflects gains on the sales of U. S. Treasury securities.
Preferred stocks (10.0)
Common equities (22.6)
Subtotal 54.2
Holding period gains on derivative
positions:
Interest rate swaps 28.8
Asset-backed credit default swap .1
Corporate credit default swaps .1
Hybrid preferred stocks 6.1
Subtotal 35.1
Total net realized gains (losses) $(247.8)
• We routinely monitor our portfolio for pricing changes that might indicate potential other-than-temporary
impairments, and, on a quarterly basis, perform detailed reviews of securities with unrealized losses based on
predetermined guidelines (OTI analysis). In December, our other-than-temporary impairment write-downs resulted
from fundamental matters related to either specific issues or issuers and/or the significant decline in the credit and
mortgage-related market, and were taken because we were unable to objectively determine that these securities
would substantially recover in the near term. As part of our OTI analysis, we also considered the rapid and severe
declines that occurred in the equity markets during the fourth quarter and the ability for these securities to
-7-
8. substantially recover in the near term and accounted for them accordingly. A more detailed discussion of our
“Critical Accounting Policy: Other-Than-Temporary Impairment,” can be found in Management’s Discussion and
Analysis of Financial Condition and Results of Operations, which is included in our Annual Report on Form 10-K.
• The table below shows the activity that impacted our net unrealized pretax gains (losses) in the portfolio during the
month.
(millions; pretax)
Net unrealized gains (losses) at 11/30/08 $(686.3)
Additional net unrealized gains in December * 320.3
Net realized gains on securities (89.3)
Other-than-temporarily impaired write-downs 337.1
Net unrealized gains (losses) at 12/31/08 $(118.2)
* Reflects the aggregate impact on book value and total return for December.
Since we maintain an available-for-sale portfolio, changes in the fair value of our securities are reflected as
unrealized gains (losses) in accumulated other comprehensive income on a monthly basis. As a result, a portion of
the write-downs recognized in net income in December had previously been recognized in other comprehensive
income, and did not have a further impact on our shareholders’ equity, book value or investment total return.
Therefore, the change in fair value during the month that affected shareholders’ equity, book value or total return
was the $320.3 million net unrealized gain.
• Starting with our January 2009 monthly news release, we will begin reporting comprehensive income (loss), along
with corresponding per share amounts, on both a monthly and year-to-date basis. Comprehensive income includes
not only reported net income, but also the after-tax changes in unrealized gains (losses) on securities and forecasted
transactions that are reflected in the balance sheet in shareholders' equity. We believe that adding this disclosure will
provide more information and reflect the total activity for the respective period, including both operating results and
investment results. The following table sets forth the comprehensive income (loss) for the full years of 2008 and
2007:
(millions – except per share amounts) 2008 2007
Net income $(70.0) $1,182.5
Changes in:
Net unrealized gains (losses) on securities (541.8) (131.8)
Net unrealized gains on forecasted transactions (2.9) 20.3
Comprehensive income (loss) $(614.7) $1,071.0
1
Per share $(.92) $1.49
1
Since we reported a loss for 2008, the basic per share amount is disclosed; for 2007, diluted per share is disclosed.
For the fourth quarter 2008, our comprehensive loss was $62.1 million and, for the month of December, we
generated comprehensive income of $246.1 million, primarily due to positive returns on our investment portfolio
during the month.
-8-
9. About Progressive
The Progressive Group of Insurance Companies, in business since 1937, is one of the country’s largest auto insurance
groups, the largest seller of motorcycle and personal watercraft policies, and a market leader in commercial auto insurance
based on premiums written.
Progressive is committed to becoming consumers’ #1 choice for auto insurance by providing competitive rates and
innovative products and services that meet drivers’ needs throughout their lifetimes, including superior online and in-person
customer service, and best-in-class, 24-hour claims service, such as 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. Private passenger auto products and prices are different when purchased directly from Progressive or
through independent agencies. To find an agent or to get a quote, go to http://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
http://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 financial condition of, and other issues relating to the strength of and liquidity available to, issuers of securities held in
our investment portfolios and other companies with which we have ongoing business relationships, including counterparties to certain
financial transactions; 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. Also, our regular reserve
reviews may result in adjustments of varying magnitude as additional information regarding pending loss and loss adjustment expense
reserves becomes known. Reported results, therefore, may be volatile in certain accounting periods.
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