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Progressive Reports September Results
Business Wire
Oct 14, 2009
The Progressive Corporation today reported the following results for September and the third quarter 2009:
| Month | Quarter | |||||||||||||||
|
(millions, except per share amounts and ratios) |
2009 | 2008 | Change | 2009 | 2008 | Change | ||||||||||
| Net premiums written | $ | 1,038.4 | $ | 1,024.3 | 1 % | $ | 3,553.5 | $ | 3,511.4 | 1 % | ||||||
| Net premiums earned | $ | 1,062.3 | $ | 1,051.6 | 1 % | $ | 3,445.4 | $ | 3,416.2 | 1 % | ||||||
|
Net income (loss) |
$ | 100.0 | $ | (630.8) | NM | $ | 269.9 | $ | (684.2) | NM | ||||||
| Per share1 | $ | .15 | $ | (.95) | NM | $ | .40 | $ | (1.03) | NM | ||||||
|
Pretax net realized gains (losses) on securities (including net impairment losses) |
$ | 7.4 | $ | (1,039.8) | NM |
$ |
38.8 | $ | (1,373.4) | NM | ||||||
| Combined ratio | 92.2 | 98.7 | (6.5) pts. | 92.7 | 95.1 | (2.4) pts. | ||||||||||
| Average equivalent shares1 | 671.8 | 666.4 | 1 % | 672.8 | 666.3 | 1 % | ||||||||||
| NM = Not Meaningful | ||||||||||||||||
| 1 For 2009, amounts disclosed are diluted earnings per share. In 2008, due to the net loss reported in the month, quarter, and year-to-date periods (see pages 3 and 4), the calculated diluted earnings per share was antidilutive; therefore, basic earnings per share is disclosed. | ||||||||||||||||
| (in thousands) | September | September | Change | |||||||
| 2009 | 2008 | |||||||||
|
Policies in Force: |
||||||||||
| Agency – Auto | 4,324.1 | 4,348.1 | (1)% | |||||||
| Direct – Auto | 3,122.2 | 2,770.9 | 13 % | |||||||
| Total Personal Auto | 7,446.3 | 7,119.0 | 5 % | |||||||
| Total Special Lines | 3,493.1 | 3,400.6 | 3 % | |||||||
| Total Personal Lines | 10,939.4 | 10,519.6 | 4 % | |||||||
| Total Commercial Auto | 524.9 | 554.4 | (5)% | |||||||
See the complete release at http://investors.progressive.com/pdf/mreport-0909.pdf for further information. If you experience technical difficulties using this link, please e-mail investor_relations@progressive.com and a PDF of the release will be sent to you promptly.
Progressive is scheduled to hold a one-hour conference call to address questions on Wednesday, November 11, 2009 at 9:00 a.m., eastern time, subsequent to the posting of our Shareholders’ Report online and the filing with the SEC of our Quarterly Report on Form 10-Q for the third quarter. Registration for the teleconference and webcast will be available at http://investors.progressive.com/events.aspx closer to the event.
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 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.
(c) 2009 Business Wire, Inc., All rights reserved. All of the news releases and other content contained herein are protected by copyright and other applicable laws, treaties and conventions. Information contained in the releases is furnished by Business Wire's members, who warrant that they are solely responsible for the content, accuracy and originality of the information contained therein. Any copying or reproduction (other than for an individual user's personal reference), redistribution, reposting or other transmission or communication is expressly prohibited without prior written permission of Business Wire, Inc
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