The Progressive Corporation today reported the following results for
June and second quarter 2008:
|
|
Month
|
|
Quarter
|
|
(millions, except per share amounts and ratios)
|
2008
|
|
2007
|
|
Change
|
|
2008
|
|
2007
|
|
Change
|
|
Net premiums written
|
$1,046.6
|
|
$1,056.6
|
|
(1)%
|
|
$3,510.7
|
|
$3,558.7
|
|
(1)%
|
|
Net premiums earned
|
$1,049.6
|
|
$1,076.6
|
|
(3)%
|
|
$3,411.2
|
|
$3,509.2
|
|
(3)%
|
|
Net income
|
$27.3
|
|
$65.4
|
|
(58)%
|
|
$215.5
|
|
$283.7
|
|
(24)%
|
|
Per share
|
$.04
|
|
$.09
|
|
(55)%
|
|
$.32
|
|
$.39
|
|
(18)%
|
|
Pretax net realized gains (losses) on securities
|
$(53.3)
|
|
$(10.0)
|
|
433%
|
|
$(44.6)
|
|
$(6.6)
|
|
576%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined ratio
|
97.0
|
|
95.7
|
|
1.3 pts.
|
|
93.6
|
|
92.3
|
|
1.3 pts.
|
|
Average diluted equivalent shares
|
673.5
|
|
726.9
|
|
(7)%
|
|
673.7
|
|
729.5
|
|
(8)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Policies in Force
|
June
2008
|
|
June
2007
|
|
Change
|
|
|
|
|
|
|
|
Total Personal Auto
|
7,127.9
|
|
7,052.4
|
|
1%
|
|
|
|
|
|
|
|
Total Special Lines
|
3,328.7
|
|
3,081.7
|
|
8%
|
|
|
|
|
|
|
|
Total Commercial Auto
|
556.8
|
|
534.2
|
|
4%
|
|
|
|
|
|
|
See the complete release at http://investors.progressive.com/pdf/mreport-0608.pdf
for further information.
Progressive is scheduled to hold a one-hour conference call to address
questions on Friday, August 8, 2008, 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 available at http://investors.progressive.com/events.aspx.
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
http://www.progressive.com
