Progressive Corp. reported that for April 2003, the company produced a GAAP combined ratio of 88.3.
Net premiums written increased 28 percent to almost $1.2 million for the month, compared to $928 million last year. Net premiums earned for the month increased 31 percent to $1.05 million, compared to $800.7 million last year.
During April, the company experienced $20 million, or 1.9 points, of catastrophic, weather-related losses, primarily due to hailstorms in Texas.
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