The Progressive Corporation
Patrick Brennan, 440-395-2370
The Progressive Corporation today reported the following results for June and second quarter 2008:
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.
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.
______________________________ 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)%
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%
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