Mayfeld Village, Ohio-based Progressive Corporation is redistributing its August underwriting results, originally released Sept. 14, now that the markets are reopened to ensure complete dissemination. Progressive reported that for August 2001, the company produced a GAAP combined ratio (CR) of 94.7. Net premiums written for the month increased 20% to $589.3 million, compared to $490.7 million last year.
The percentage increase in net premiums written was influenced by a higher number of policies renewing in August 2001, compared to August 2000, due to the company’s shift to 6-month policies during the past year. The company will address this in more detail during its third quarter conference call. The shift in policy terms does not affect policies in force or earned premiums. Net premiums earned, which the Company believes is a better measure of premium growth at this time, increased 13 percent to $563.5 million for the month.
Year-to-date, the CR was 96.3. Net premiums earned increased 11 percent to $4,684.2 million. Net premiums written increased 10 percent to $4,863.2 million, compared to $4,438.4 million last year.
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