Mayfield Village, Ohio-based vehicle insurer Progressive Corp. reported third-quarter 2003 net income of $319.8 million, or $1.45 per share, compared to $178.5 million, or 80 cents per share, in the third quarter last year.
Included in net income are net realized losses on securities of $4.3 million, or 1 cent per share, for the third quarter 2003, and $23.7 million, or 7 cents per share, for the same period last year. In addition, 2003 net income includes $30.8 million, or 9 cents per share, of estimated interest income related to an income tax refund the company will receive.
According to Reuters Research, Wall Street analysts expected earnings of $1.38 per share.
Net premiums written and earned increased 25 percent and 26 percent to $3,104.9 million and $2,927.8 million, respectively, as compared to the third quarter last year. During the third quarter 2003, the company produced a GAAP combined ratio of 87.9, compared to 91.9 in the same period last year.
The company had catastrophe losses of $13.3 million, 4 cents per share or .5 points, including $5.7 million attributable to hurricane Isabel, for the third quarter 2003, compared to $5.6 million, 2 cents per share or .2 points, in the same period last year. Recurring investment income was $115.5 million before taxes and $86.3 million after taxes, compared to $116.6 million before taxes and $83.0 million after taxes for the third quarter 2002.
Was this article valuable?
Here are more articles you may enjoy.
State Insurance Legislators ‘Greatly Disturbed’ by Trump AI Regulation Order 
Aon Adds to List of Brokers Suing Howden US for Alleged Poaching, Theft 
Fifth La Niña in Six Years to Disrupt Crops and Supply Chains 
Florida Jury Returns $779M Verdict for Family of Security Guard Killed at Gambling Cafe 
