EX-99 3 l98969aexv99.txt EX-99 PRESS RELEASE Exhibit 99 ---------- News Release dated February 14, 2003, containing certain selected underwriting results of The Progressive Corporation for the month of January 2003 PROGRESSIVE NEWS RELEASE -------------------------------------------------------------------------------- The Progressive Corporation COMPANY CONTACT: 6300 Wilson Mills Road Thomas A. King Mayfield Village, Ohio 44143 (440) 395-2260 http://www.progressive.com -------------------------------------------------------------------------------- FOR IMMEDIATE RELEASE MAYFIELD VILLAGE, OHIO - February 14, 2003 -- The Progressive Corporation today reported that for January 2003, the Company produced a GAAP combined ratio of 86.7. Net premiums written increased 32% to $992.5 million for the month, compared to $751.3 million last year. Net premiums earned for the month increased 32% to $967.4 million, compared to $735.6 million last year. Progressive's Personal Lines business units write insurance for private passenger automobiles and recreation vehicles. Progressive's Commercial Auto business unit writes primary liability, physical damage and other auto-related insurance for automobiles and trucks owned by small businesses. The Company's other businesses primarily include writing lenders' collateral protection and directors' and officers' liability insurance and providing insurance-related services, primarily processing business for Commercial Auto Insurance Procedures (CAIP), which are state supervised plans serving the involuntary market. See "Supplemental Information" for January's results. The Progressive group of insurance companies ranks fourth in the nation for auto insurance, offering its products by phone at 1-800-PROGRESSIVE, online at progressive.com and through more than 30,000 independent agencies. The Progressive Corporation, the holding company, is publicly traded at NYSE:PGR. The Progressive Corporation Supplemental Information January 2003 ($ in million)(unaudited)
Current Month --------------------------------------------------------------------------------------------- Personal Lines Commercial ------------------------------------- Auto Other Companywide Agent Direct Total Business Businesses Total ----- ------ ----- --------- ---------- ----- Net Premiums Written $604.3 $273.9 $878.2 $108.0 $6.3 $992.5 % Growth in NPW 31% 33% 31% 50% (44)% 32% Premiums Earned $596.1 $262.9 $859.0 $102.1 $6.3 $967.4 % Growth in Premiums Earned 28% 36% 30% 58% (43)% 32% Loss/LAE Ratio 68.4 66.3 67.8 61.3 75.9 67.1 Expense Ratio 19.4 19.6 19.4 19.5 43.8 19.6 Combined Ratio 87.8 85.9 87.2 80.8 119.7 86.7 Actuarial Adjustments(a) - $3.4 $.5 $3.9 $0 $0 $3.9 Favorable (Unfavorable)
January 31, January 31, Policies in Force 2003 2002 Change (in thousands) ---- ---- ------ Agent - Auto 3,449 2,807 23% Direct - Auto 1,576 1,248 26% Other Personal Lines(b) 1,652 1,391 19% ----- ----- Total Personal Lines 6,677 5,446 23% ----- ----- Commercial Auto Business 292 212 38% --- ---
(a)Represents adjustments solely based on the Company's corporate actuarial review. Prior accident years development will continue to be reported on a quarterly basis only. (b) Includes insurance for motorcycles, recreation vehicles, mobile homes, watercraft, snowmobiles, homeowners and similar items.