Mayfield Village, Ohio-based vehicle insurer Progressive Corp. will now reports its earnings per share monthly, which it said in a statement is a first for a publicly held company. Progressive began reporting its monthly earnings two years ago.
The new format of the monthly release will feature key numbers in an easy-to-read table in the opening paragraph, including premiums written and earned, net income, net income per share and the combined ratio. The news release will also contain both the balance sheet and the income statement that includes the computation of earnings per share. The balance sheet and income statement were previously only provided in quarterly reporting.
The July 2003 release will also include the trailing 12 months of earnings per share and share repurchases to give perspective to July’s results. The company issues results approximately two weeks after the close of its accounting period each month.
The company said in a statement that the practice is a part of the company’s larger philosophy of transparency, which extends to informing applicants of their competitors’ rates and explaining the company’s use of credit history in underwriting and rating.
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