-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QkpsqPzCpsOOkIiBUOitRD7FkqUSp0TJh0NhR7Rs2tC7wGE+2Q8J9KiQzUbqo7AB 1LjPPM7ZAaCjgOUU3fUsGQ== 0000950152-03-009736.txt : 20031114 0000950152-03-009736.hdr.sgml : 20031114 20031114101838 ACCESSION NUMBER: 0000950152-03-009736 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20031114 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20031114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PROGRESSIVE CORP/OH/ CENTRAL INDEX KEY: 0000080661 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 340963169 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09518 FILM NUMBER: 031000858 BUSINESS ADDRESS: STREET 1: 6300 WILSON MILLS RD CITY: MAYFIELD VILLAGE STATE: OH ZIP: 44143 BUSINESS PHONE: 4404615000 MAIL ADDRESS: STREET 1: 6300 WILSON MILLS RD CITY: MAYFIELD VILLAGE STATE: OH ZIP: 44143 8-K 1 l04133ae8vk.htm THE PROGRESSIVE CORPORATION THE PROGRESSIVE CORPORATION
Table of Contents

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) November 14, 2003

THE PROGRESSIVE CORPORATION
(Exact name of registrant as specified in its charter)

         
Ohio   1-9518   34-0963169
(State or other
jurisdiction of
incorporation)		   (Commission File
Number) 		  (IRS Employer
Identification
No.)

6300 Wilson Mills Road, Mayfield Village, Ohio   44143
(Address of principal executive offices)                  (Zip Code)

Registrant’s telephone number, including area code 440-461-5000

Not Applicable
(Former name or former address, if changed since last report)

 

Item 9. Regulation FD Disclosure.
SIGNATURES
EXHIBIT INDEX
EX-99 PRESS RELEASE

Table of Contents

Item 9. Regulation FD Disclosure.

On November 14, 2003, The Progressive Corporation (the “Company”) issued a News Release containing financial results of the Company for the month of October 2003 (the “News Release”). A copy of the News Release is attached hereto as Exhibit 99.

 

Table of Contents

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

     
Dated: November 14, 2003    
 
    THE PROGRESSIVE CORPORATION
 
    By: /s/ W. Thomas Forrester
Name: W. Thomas Forrester
Title: Vice President and
Chief Financial Officer

 

Table of Contents

EXHIBIT INDEX

             
Exhibit No.   Form 8-K    
Under Reg.   Exhibit    
S-K Item 601   No.   Description
 
 
99     99     News Release dated November 14, 2003, containing financial results of The Progressive Corporation for the month of October 2003

  EX-99 3 l04133aexv99.htm EX-99 PRESS RELEASE EX-99 PRESS RELEASE

 

Exhibit 99

News Release dated November 14, 2003,
containing financial results
of The Progressive Corporation
for the month of October 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 – November 14, 2003 — The Progressive Corporation today reported the following results for October 2003:

                           
      October   October        
(millions)   2003   2002   Change
 
 
 
Net premiums written
   $ 1,169.6     $ 967.7       21 %
Net premiums earned
     1,165.1       935.0       25 %
Net income
     145.7       95.5       53 %
 
Per share
     .66       .43       54 %
Combined ratio
     84.7       91.4     6.7 pts.

See the “Income Statement” for further information.

     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 principally include writing directors’ and officers’ liability insurance and managing the wind down of the Company’s lender’s collateral protection program. See “Supplemental Information” for October’s results.

     The Progressive group of insurance companies ranks third 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 and insurance brokers. The Progressive Corporation, the holding company, is publicly traded at NYSE:PGR.

 

 

THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
October 31, 2003
($ in millions)(unaudited)

                                                   
Current Month
      Personal Lines   Commercial                
Description  
  Auto   Other   Companywide
    Agent   Direct   Total   Business   Businesses   Total
   
 
 
 
 
 
Net Premiums Written
   $ 705.9     $ 322.1     $ 1,028.0     $ 138.8     $ 2.8     $ 1,169.6  
% Growth in NPW
     19 %     23 %     20 %     32 %     (56 )%     21 %
Premiums Earned
   $ 711.7     $ 321.1     $ 1,032.8     $ 128.6     $ 3.7     $ 1,165.1  
% Growth in Premiums Earned
     23 %     28 %     24 %     34 %     (50 )%     25 %
     
                                                
Loss/LAE Ratio
     65.8       65.9       65.8       61.8       (19.0 )     65.1  
Expense Ratio
     19.7       19.3       19.6       19.0       36.8       19.6  
Combined Ratio
     85.5       85.2       85.4       80.8       17.8       84.7  
 
                                                
Actuarial Adjustments(a) -
                                                
 
Reserve Decrease/(Increase)
   $ (2.3 )   $ .3     $ (2.0 )   $ 2.5     $ 2.2     $ 2.7  
                                                           
Year-to-Date
      Personal Lines   Commercial                        
Description  
  Auto   Other   Companywide
    Agent   Direct   Total   Business   Businesses   Total        
   
 
 
 
 
 
       
Net Premiums Written
   $ 6,185.9     $ 2,779.3     $ 8,965.2     $ 1,161.9     $ 49.5     $ 10,176.6  
% Growth in NPW
     25 %     30 %     26 %     37 %     (34 )%     27 %
Premiums Earned
   $ 5,807.9     $ 2,584.5     $ 8,392.4     $ 1,016.8     $ 56.9     $ 9,466.1  
% Growth in Premiums Earned
     26 %     32 %     28 %     41 %     (32 )%     29 %
     
                                                
Loss/LAE Ratio
     68.5       67.4       68.2       63.4       49.6       67.5  
Expense Ratio
     19.5       20.3       19.7       19.9       39.4       19.9  
Combined Ratio
     88.0       87.7       87.9       83.3       89.0       87.4  
 
                                                
Actuarial Adjustments(a) -
                                                
 
Reserve Decrease/(Increase)
   $ (1.7 )   $ .2     $ (1.5 )   $ (10.2 )   $ 3.0     $ (8.7 )
                               
          October   October        
          2003   2002   Change
         
 
 
Policies in Force
                        
 
(in thousands)
                        
     
Agent – Auto
     3,939       3,338       18 %
     
Direct – Auto
     1,818       1,509       20 %
     
Other Personal Lines(b)
     1,991       1,643       21 %
 
    
     
         
   
Total Personal Lines
     7,748       6,490       19 %
 
    
     
         
   
Commercial Auto Business
     361       284       27 %
 
    
     
         

    (a) Represents adjustments based solely on the Company’s corporate actuarial review.
    (b) Includes insurance for motorcycles, recreation vehicles, mobile homes, watercraft, snowmobiles, homeowners and similar items.

 

 

THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
INCOME STATEMENT
October 31, 2003
(millions – except per share amounts)
(unaudited)

                     
        Current   Year-to
        Month   Date
       
 
Direct premiums written
   $ 1,196.4     $ 10,407.7  
 
    
     
 
Net premiums written
   $ 1,169.6     $ 10,176.6  
 
    
     
 
Revenues:
                
Premiums earned
   $ 1,165.1     $ 9,466.1  
Recurring investment income1
     37.9       381.9  
Net realized gains on securities
     10.2       25.9  
Service revenues
     4.2       34.3  
Other income2
     .2       31.0  
 
    
     
 
 
Total revenues
     1,217.6       9,939.2  
 
    
     
 
Expenses:
                
Losses and loss adjustment expenses
     758.6       6,395.5  
Underwriting expenses
     228.1       1,880.1  
Investment expenses
     1.3       9.6  
Service expenses
     2.5       21.9  
Interest expense
     8.0       79.8  
 
    
     
 
 
Total expenses
     998.5       8,386.9  
 
    
     
 
Income before income taxes
     219.1       1,552.3  
Provision for income taxes
     73.4       509.0  
 
    
     
 
Net income
   $ 145.7     $ 1,043.3  
 
    
     
 
COMPUTATION OF EARNINGS PER SHARE
                
Basic:
                
Average shares outstanding
     216.2       217.4  
 
    
     
 
   
Per share
   $ .67     $ 4.80  
 
    
     
 
Diluted:
                
Average shares outstanding
     216.2       217.4  
Net effect of dilutive stock options
     3.7       3.6  
 
    
     
 
   
Total equivalent shares
     219.9       221.0  
 
    
     
 
   
Per share
   $ .66     $ 4.72  
 
    
     
 
    1The following table sets forth the total return for the periods ended October 31, 2003:
                   
      Current   Year-to
      Month   Date
     
 
Fully taxable equivalent total return:
                
 
Fixed income securities
     (.5 )%     4.1 %
 
Common stocks
     5.8 %     21.4 %
 
Total portfolio
     .4 %     6.6 %
    2 Amount represents the estimated interest earned through October on the income tax refund the Company will receive. See the Company’s quarterly report on Form 10-Q for the period ended September 30, 2003, for further information.

 

 

THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
BALANCE SHEET AND OTHER INFORMATION
(millions– except per share amounts)
(unaudited)

                 
            October 31,
            2003
           
CONDENSED GAAP BALANCE SHEET:1
        
   
Investments -
        
     
Available-for-sale:
        
       
Fixed maturities, at market (amortized cost: $8,969.2)
   $ 9,158.3  
       
Equity securities, at market:
        
       
Preferred stocks (cost: $794.4)
     819.9  
       
Common equities (cost: $1,589.7)
     1,863.3  
     
Short-term investments, at amortized cost (market: $1,256.4)
     1,256.4  
 
    
 
       
Total investments
     13,097.9  
   
Net premiums receivable
     2,154.3  
   
Deferred acquisition costs
     431.0  
   
Other assets
     1,135.8  
 
    
 
       
Total assets
   $ 16,819.0  
 
    
 
   
Unearned premiums
   $ 4,033.3  
   
Loss and loss adjustment expense reserves
     4,452.0  
   
Other liabilities2
     2,128.0  
   
Debt
     1,489.6  
   
Shareholders’ equity
     4,716.1  
 
    
 
       
Total liabilities and shareholders’ equity
   $ 16,819.0  
 
    
 
 
        
 
        
 
        
 
Common Shares outstanding
     216.0  
 
Shares repurchased – October
     .250  
       
Average cost per share
   $ 74.00  
 
Book value per share
   $ 21.83  
 
Return on average shareholders’ equity
     28.5 %

    1 Pursuant to SFAS 113, “Accounting and Reporting for Reinsurance of Short-Duration and Long-Duration Contracts,” loss and loss adjustment expense reserves are stated gross of reinsurance recoverables on unpaid losses of $217.3 million at October 31, 2003.
    2 Amounts include net unsettled security acquisitions of $826.3 million at October 31, 2003, including repurchase commitment transactions.

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