The Progressive Corporation today reported the following results for
August 2008:
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(millions, except per share amounts and ratios)
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August
2008
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August
2007
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Change
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Net premiums written1
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$1,103.3
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$1,052.2
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5%
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Net premiums earned
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$1,050.4
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$1,063.1
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(1)%
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Net income (loss)
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$(135.2)
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$76.9
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NM
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Per share
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$(.20)
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$.11
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NM
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Pretax net realized gains (losses) on securities1
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$(317.5)
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$12.4
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NM
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Combined ratio
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94.3
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95.7
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(1.4) pts.
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Average diluted equivalent shares
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672.9
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709.7
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(5)%
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NM = Not Meaningful
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1 See the “Monthly
Commentary” in the complete release,
using the link below, for additional discussion.
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(in thousands)
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August
2008
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August
2007
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Change
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Policies in Force:
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Total Personal Auto
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7,083.4
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7,016.0
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1%
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Total Special Lines
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3,401.7
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3,137.8
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8%
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Total Commercial Auto
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554.9
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539.7
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3%
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See the complete release at http://investors.progressive.com/pdf/mreport-0808.pdf
for further information.
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.
The Progressive Corporation
Patrick Brennan, 440-395-2370
