Progressive Distributes December Results
MAYFIELD VILLAGE, Ohio--Jan. 2, 20050, 2005--The Progressive Corporation today reported the following results for December and fourth quarter 2004, each of which includes an additional week of operating (underwriting and service) results as compared to the corresponding periods of the prior year:---------------------------------------------------------------------- Month Quarter --------------------------------------- ------------------------------ (millions, except per share amounts) 2004 2003 Change(A) 2004 2003 Change(A) --------- ------- ---------- --------- --------- ---------- Net premiums written $1,135.5 $861.3 32% $3,352.3 $2,906.4 15% Net premiums earned 1,270.2 935.4 36% 3,564.7 3,040.0 17% Net income 179.5 112.6 59% 413.5 357.8 16% Per share .89 .51 73% 2.01 1.63 23% Combined ratio 80.6 86.6 6.0 pts. 85.5 85.9 .4 pts. Pre-tax net realized gains (losses) (10.6) (2.6) 308% (.7) (3.0) (77)% Diluted equivalent shares 202.3 219.6 (8)% 206.2 219.5 (6)% (A) Excluding the additional week of activity, net premiums written growth would have been approximately 5% for the month and 7% for the quarter, respectively, and net premiums earned growth would have been approximately 9% for both periods. See "Monthly Commentary" for a further discussion. ----------------------------------------------------------------------
See the complete monthly release at http://investors.progressive.com/releases/2004/pdf/mreport_1204.pdf for further month and year information and commentary.