Progressive Releases July Underwriting Results

August 20, 2001

The Progressive Corporation reported that for July 2001, the Company produced a GAAP combined ratio (CR) of 94.7. Net premiums written for the month increased 16 percent to $732.3 million, compared to $634.0 million last year. Net premiums earned increased 12 percent to $691.0 million for the month.

Year-to-date, the CR was 96.5. Net premiums written increased 8 percent to $4,274.0 million, compared to $3,947.7 million last year. Net premiums earned were $4,120.7 million.

Progressive’s Personal Lines business units write insurance, either by an agent or directly by the Company, for private passenger automobiles and recreation vehicles. In addition to its Personal Lines business, the Company’s other lines of business include writing insurance for small fleets of commercial vehicles, lenders’ collateral protection, and directors’ and officers’ liability, and providing related services.

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