Mayfield Village, Ohio-based vehicle insurer Progressive Corp. reported fourth-quarter 2003 net income of $357.8 million, or $1.63 per share, 135 percent higher than last year’s $152.2 million, or 69 cents per share, in the fourth quarter.
Included in net income are net realized losses on securities of $3 million, or 1 cents per share, for the fourth quarter 2003, and net realized losses of $37.1 million, or 11 cents per share, for the same period last year.
Net premiums written and earned increased 21 percent and 23 percent to $2.9 billion and $3 billion, respectively, as compared to the fourth quarter last year. During the fourth quarter 2003, the company produced a GAAP combined ratio of 85.9, compared to 93.3 in the same period last year.
Recurring investment income was $121.3 million before taxes and $90.5 million after taxes, compared to $113.5 million before taxes and $82 million after taxes for the fourth quarter 2002. See the “operations summary” for further information, which is included in the complete quarterly release.
Topics Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
Florida Agents Appointed With Citizens Drops as Carrier Competition Grows 
Independent Agencies Total About 37,000 in 2026, a Decrease From 2024 
Takeaways From AP Analysis on the Flaws in National Flood Insurance 
Luxury Car Rental Company Owner Staged Crash for Insurance 
