Ohio’s Progressive Corporation, the U.S. fourth largest automobile insurer, reported third quarter 2002 net income per share of $.80, compared to $.43 per share earned in the same period last year.
“Net income for the quarter was $178.5 million, compared to $96.4 million in the third quarter 2001. Investment income, including net realized gains/losses on securities, was $92.9 million before taxes and $67.6 million after taxes, compared to $20.4 million before taxes and $20.0 million after taxes for the third quarter 2001,” said the company.
The gains came despite Progressive’s registering net realized losses on securities of $23.7 million, or $.07 per share, a figure which still compared favorably to the $83.2 million, or $.24 per share, net loss it incurred in the same period last year. It posted an overall net gain on investments of $67.6 million, compared with $20 million in 2001.
“For the third quarter 2002, operating income, which is a non-GAAP disclosure and defined by the Company as net income excluding net realized gains and losses on securities and nonrecurring items, was $193.9 million, compared to $150.5 million last year. Operating income per share was $.87, compared to $.67 per share in the third quarter last year,” said the bulletin.
“The GAAP combined ratio was 91.9 for the third quarter 2002, compared to 92.8 for the same period last year,” said the announcement. Net premiums written for the quarter increased 31% to $2.485.3 billion, compared to $1.9018 billion last year, while net premiums earned increased 26% to $2.3165 billion from $1.8329 billion last year.
Topics Profit Loss
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