Progressive Reports May Results
MAYFIELD VILLAGE, Ohio--The Progressive Corporation today reported the following results for May 2010:
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| (millions, except per share amounts and ratios) | Â | Â | May | Â | Â | May | Â | Â | Change | |||||
| 2010 | 2009 | |||||||||||||
| Â | ||||||||||||||
| Net premiums written | $ | 1,108.6 | $ | 1,054.9 | 5% | |||||||||
| Net premiums earned | $ | 1,105.9 | $ | 1,058.2 | 5% | |||||||||
| Net income | $ | 44.2 | $ | 54.6 | (19)% | |||||||||
| Per share | $ | .07 | $ | .08 | (18)% | |||||||||
| Total pretax net realized gains (losses) on securities | $ | (15.1 | ) | $ | (.4 | ) | 3675% | |||||||
| Combined ratio | 95.6 | 95.3 | .3 pts. | |||||||||||
| Average diluted equivalent shares | 665.9 | 674.9 | (1)% | |||||||||||
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| (in thousands) | Â | Â | May | Â | Â | May | Â | Â | Change | |||
| Â | Â | 2010 | 2009 | |||||||||
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Policies in Force: |
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| Agency – Auto | 4,446.9 | 4,343.2 | 2% | |||||||||
| Direct – Auto | 3,470.0 | 3,014.0 | 15% | |||||||||
| Total Personal Auto | 7,916.9 | 7,357.2 | 8% | |||||||||
| Total Special Lines | 3,576.4 | 3,441.2 | 4% | |||||||||
| Total Personal Lines | 11,493.3 | 10,798.4 | 6% | |||||||||
| Total Commercial Auto | 518.9 | 531.4 | (2)% | |||||||||
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See the complete release at http://investors.progressive.com/pdf/mreport-0510.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.
As previously announced, Progressive will host a simultaneous webcast of its 2010 Investor Relations Meeting on Thursday, June 17, 2010, 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.aspx. Information that is distributed at the meeting will be made available at the 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 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. Personal 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. Progressive also has a branch that sells car insurance policies online in Australia at http://www.progressivedirect.com.au.
The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, are publicly traded at . For more information, including a guide to interpreting the monthly reporting package, visit http://www.progressive.com.