MAYFIELD VILLAGE, Ohio-- The Progressive Corporation today reported fourth quarter 2003 net income of $357.8 million, or $1.63 per share, compared to $152.2 million, or $.69 per share, in the fourth quarter last year. Included in net income are net realized losses on securities of $3.0 million, or $.01 per share, for the fourth quarter 2003, and net realized losses of $37.1 million, or $.11 per share, for the same period last year. Net premiums written and earned increased 21% and 23% to $2,906.4 million and $3,040.0 million, respectively, as compared to the fourth quarter last year. During the fourth quarter 2003, the Company produced a GAAP combined ratio of 85.9, compared to 93.3 in the same period last year. Recurring investment income was $121.3 million before taxes and $90.5 million after taxes, compared to $113.5 million before taxes and $82.0 million after taxes for the fourth quarter 2002.
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 providing insurance-related services, primarily processing business for Commercial Auto Insurance Procedures (CAIP), which are state supervised plans serving the involuntary market. The other businesses are also managing the wind down of the Company's lenders' collateral protection program.
During the fourth quarter 2003, the Company repurchased 250,000 of its Common Shares at an average cost of $74.00 per share.
The Progressive group of insurance companies ranks third in the nation for auto insurance based on premiums written, offering its products by phone at 1-800-PROGRESSIVE, online at progressive.com and through more than 30,000 independent insurance agencies and insurance brokers.
Source: The Progressive Corp.
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