Progressive Corp. Announces Financial Results for April 2006

Ohio-based Progressive Corp. recently announced the following financial results for April, 2006.

Net premiums written were $1,489.8 million for April 2006 compared to $1,430.4 million for April, 2005, showing a 4 percent change. Net premiums earned were $1,369.7 million showing a change of 4 percent over 2005 when premiums earned were $1,321.7million.

Per share, pre split was .81 in 2006 compared to April 2005 at .74, a 10 percent change. Per share, post split was .20 compared to .18 in 2005, again a 10 percent change. Combined ratio for April 2006 was 85.9 (85.3, 2005) with a . 6 point change.

Losses and loss adjustment expenses were $905.6 million and includes $26.1 million or a 1.9 combined ratio points of catastrophic losses related to April storms.

Year to date, April 2006 Progressive subsidiaries for personal lines show net premiums written for Drive at $2,861.5 million; Direct at $1,583.6 million. Net premiums earned for Drive were $2,755.5 million and for Direct at $1,486.3 million. Growth in NPE for Drive was 0.2 percent; for Direct it was 9 percent with a a combined total change of 3 percent.

The Progressive Group of Insurance Companies identifies itself as having a ranking of third in the nation for auto insurance based on premiums written. Products and services of Progressive Direct Group are marketed directly to consumers by phone and online. The Drive Group of Progressive Insurance Companies offers insurance through more than 30,000 independent insurance agencies.

Source: Progressive Corporation

Latest Comments

• May 22, 2006 at 2:25 am

  Not a Sucker either says:

  Sure they sell online, but to only 7% of their customers. Take Farmers Insurance for example, they sell through both agents and independents alike. Many companies do. I\'m m... read more
• May 22, 2006 at 12:51 pm

  Not a Sucker says:

  Indepent Agents that write with Drive are fools and suckers. Why would you put business with acompany that competes directly with you and charges less. As soon as they build... read more