The Progressive Corporation today reported the following results for May 2008:
| (millions, except per share amounts and ratios) | | May
2008 | | May
2007 | | Change |
| Net premiums written | | $1,049.2 | | $1,064.7 | | (1)% |
| Net premiums earned | | $1,050.1 | | $1,078.8 | | (3)% |
| Net income | | $79.3 | | $81.6 | | (3)% |
| Per share | | $.12 | | $.11 | | 5% |
| Pretax net realized gains (losses) on securities | | $(7.9) | | $(4.5) | | 76% |
| Combined ratio | | 92.4 | | 93.3 | | (.9) pts. |
| Average diluted equivalent shares | | 673.6 | | 727.9 | | (7)% |
| | | | | | | |
| | | | | | | |
| (in thousands) | | May
2008 | | May
2007 | | Change |
| Policies in Force: | | | | | | |
| Total Personal Auto | | 7,127.2 | | 7,060.0 | | 1% |
| Total Special Lines | | 3,266.0 | | 3,037.3 | | 8% |
| Total Commercial Auto | | 555.1 | | 529.9 | | 5% |
See the complete release at http://investors.progressive.com/pdf/mreport-0508.pdf for further information.
As previously announced, Progressive will host a simultaneous webcast of its 2008 Investor Relations Meeting on Thursday, June 12, 2008, beginning at 9:00 a.m. eastern time. The meeting will last approximately three hours and will include a question and answer session following the presentations. The meeting will also be available simultaneously, in a listen-only format, by phone. Participants via the phone will not be able to submit questions during the question and answer session. To attend the webcast or to receive the call-in instructions, visit our Web site at http://investors.progressive.com/events.asp. Information that is distributed at the meeting will be made available at this Web site on the morning of the meeting.
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 products 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.
The Progressive Corporation
Patrick Brennan, 440-395-2370
