It has been a good experience.
Darlene C.
Sebring, FL
The Progressive Corporation
Patrick Brennan, 440-395-2370
Logo: http://www.progressive.com
The Progressive Corporation today reported the following results for September and the third quarter 2008:
See the complete release at http://investors.progressive.com/pdf/ mreport-0908.pdf for further information.
Progressive is scheduled to hold a one-hour conference call to address questions on Wednesday, November 12, 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 will be available mid-October 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 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.
TABLE
Month__ Quarter
(millions, except per share amounts and ratios)__ 2008__ 2007__ Change__ 2008__ 2007__ Change
Net premiums written 1__ $1,024.3__ $1,040.8__ (2__ )%__ $3,511.4__ $3,483.2__ 1__ %
Net premiums earned__ $1,051.6__ $1,061.2__ (1__ )%__ $3,416.2__ $3,461.8__ (1__ )%
Net income (loss)__ $(630.8__ )__ $103.8__ NM__ $(684.2__ )__ $299.2__ NM
Per share2__ $(.95__ )__ $.15__ NM__ $(1.03__ )__ $.42__ NM
Pretax net realized gains (losses) on securities1__ $(1,039.8__ )__ $32.9__ NM__ $(1,373.4__ )__ $58.5__ NM
Combined ratio__ 98.7__ 94.8__ 3.9 pts.__ 95.1__ 93.7__ 1.4 pts.
Average equivalent shares2__ 666.4__ 701.8__ (5__ )%__ 666.3__ 710.8__ (6__ )%
NM = Not Meaningful
(1)See the "Monthly Commentary" in the complete release, using the link below, for additional discussion.
(2)Since we reported a net loss for September and third quarter 2008, the calculated diluted earnings per share was antidilutive; therefore, basic earnings per share is disclosed. For September and third quarter 2007, diluted earnings per share is disclosed.
(in thousands)__ September__ September
Policies in Force__ 2008__ 2007__ Change
Total Personal Auto__ 7,119.0__ 7,031.1__ 1__ %
Total Special Lines__ 3,400.6__ 3,140.4__ 8__ %
Total Commercial Auto__ 554.4__ 540.9__ 2__ %
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Car Insurance News: Progressive Reports September Results...Get an auto insurance quote!