1. NEWS
RELEASE
The Progressive Corporation Company Contact:
6300 Wilson Mills Road Thomas A. King
Mayfield Village, Ohio 44143 (440) 395-2260
http://www.progressive.com
FOR IMMEDIATE RELEASE
MAYFIELD VILLAGE, OHIO -- June 16, 2005 -- The Progressive Corporation today reported the following results for May 2005:
(dollars in millions, except per share amounts) May May
2005 2004 Change
Net premiums written $1,070.9 $1,054.4 2%
Net premiums earned 1,062.5 998.2 6%
Net income 126.1 109.0 16%
Per share .63 .50 27%
Combined ratio 85.8 86.6 .8 pts.
See the “Income Statements” for further month and year-to-date information.
The Company offers insurance to personal and commercial auto drivers throughout the United States. The Company’s Personal
Lines business units write insurance for private passenger automobiles and recreation vehicles. The Company’s Commercial Auto
business unit writes primary liability, physical damage and other auto-related insurance for automobiles and trucks owned by small
businesses. See “Supplemental Information” for month and year-to-date results.
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2. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
INCOME STATEMENT
May 2005
(millions – except per share amounts)
(unaudited)
Current
Comments on Monthly Results1
Month
Direct premiums written $1,094.2
Net premiums written $1,070.9
Revenues:
Net premiums earned $1,062.5
Investment income 42.1
Net realized gains (losses) on securities 3.2
Service revenues 3.2
Total revenues 1,111.0
Expenses:
Losses and loss adjustment expenses 691.9
112.5
Policy acquisition costs
Other underwriting expenses 107.2
Investment expenses 1.0
Service expenses 2.5
Interest expense 6.9
Total expenses 922.0
Income before income taxes 189.0
Provision for income taxes 62.9
Net income $126.1
COMPUTATION OF EARNINGS PER SHARE
Basic:
Average shares outstanding 197.1
Per share $.64
Diluted:
Average shares outstanding 197.1
Net effect of dilutive stock-based
compensation 2.9
Total equivalent shares 200.0
Per share $.63
1
See the Monthly Commentary at the end of this release for additional discussion. For a description of the Company’s reporting and
accounting policies, see Note 1 to the Company’s 2004 audited consolidated financial statements included in the Company’s 2004
Shareholders Report, which can be found at progressive.com/annualreport.
________________________
The following table sets forth the investment results for the month:
Fully taxable equivalent total return:
Fixed-income securities .7%
Common stocks 3.4%
Total portfolio 1.1%
Pretax recurring investment book yield 3.9%
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3. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
INCOME STATEMENTS
May 2005 Year-to-Date
(millions – except per share amounts)
(unaudited)
Year-to-Date
%
2005 2004 Change
Direct premiums written $6,240.2 $5,789.3 8
Net premiums written $6,106.1 $5,647.4 8
Revenues:
Net premiums earned $5,734.2 $5,322.1 8
Investment income 202.3 193.4 5
Net realized gains (losses) on securities 7.1 59.2 (88)
Service revenues 18.4 20.9 (12)
Total revenues 5,962.0 5,595.6 7
Expenses:
Losses and loss adjustment expenses 3,716.7 3,392.6 10
Policy acquisition costs 609.2 574.0 6
Other underwriting expenses 561.4 504.3 11
Investment expenses 4.9 5.1 (4)
Service expenses 10.1 10.0 1
Interest expense 34.6 33.5 3
Total expenses 4,936.9 4,519.5 9
Income before income taxes 1,025.1 1,076.1 (5)
Provision for income taxes 338.7 350.0 (3)
Net income $686.4 $726.1 (5)
COMPUTATION OF EARNINGS PER SHARE
Basic:
Average shares outstanding 198.4 216.4 (8)
Per share $3.46 $3.36 3
Diluted:
Average shares outstanding 198.4 216.4 (8)
Net effect of dilutive stock-based
compensation 2.9 3.6 (19)
Total equivalent shares 201.3 220.0 (9)
Per share $3.41 $3.30 3
The following table sets forth the investment results for the year-to-date period:
2005 2004
Fully taxable equivalent total return:
Fixed-income securities 1.7% .4%
Common stocks (.1)% 1.4%
Total portfolio 1.4% .6%
Pretax recurring investment book yield 3.8% 3.8%
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4. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
May 2005
($ in millions)
(unaudited)
Current Month
Commercial
Personal Lines Auto Other Companywide
Businesses1
Agency Direct Total Business Total
Net Premiums Written $614.7 $309.6 $924.3 $144.8 $1.8 $1,070.9
% Growth in NPW (2)% 6% --% 10% NM 2%
Net Premiums Earned $619.5 $313.8 $933.3 $127.1 $2.1 $1,062.5
% Growth in NPE 3% 12% 6% 11% NM 6%
GAAP Ratios
Loss/LAE ratio 66.3 66.2 66.3 57.1 NM 65.1
Expense ratio 21.0 20.5 20.8 19.6 NM 20.7
Combined ratio 87.3 86.7 87.1 76.7 NM 85.8
Actuarial Adjustments2
Reserve Decrease/(Increase)
Prior accident years $10.5
Current accident year 4.7
Calendar year actuarial adjustment $7.9 $3.3 $11.2 $4.0 $-- $15.2
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment $10.5
All other development 16.4
Total development $26.9
Calendar year loss/LAE ratio 65.1
Accident year loss/LAE ratio 67.6
Statutory Ratios
Loss/LAE ratio 65.2
Expense ratio 20.3
Combined ratio 85.5
NM = Not Meaningful
1
Amounts primarily include professional liability insurance for community banks and the Company’s run-off businesses. The other
businesses generated an underwriting profit of $.8 million for the month.
2
Represents adjustments solely based on the Company’s corporate actuarial review.
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5. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
May 2005 Year-to-Date
($ in millions)
(unaudited)
Year-to-Date
Commercial
Personal Lines Auto Other Companywide
Businesses1
Agency Direct Total Business Total
Net Premiums Written $3,520.2 $1,805.4 $5,325.6 $771.4 $9.1 $6,106.1
% Growth in NPW 4% 13% 7% 14% NM 8%
Net Premiums Earned $3,369.4 $1,675.3 $5,044.7 $677.9 $11.6 $5,734.2
% Growth in NPE 5% 12% 7% 13% NM 8%
GAAP Ratios
Loss/LAE ratio 65.1 66.4 65.5 60.3 NM 64.8
Expense ratio 20.8 19.9 20.5 20.0 NM 20.4
Combined ratio 85.9 86.3 86.0 80.3 NM 85.2
Actuarial Adjustments2
Reserve Decrease/(Increase)
Prior accident years $54.1
Current accident year 3.5
Calendar year actuarial adjustment $33.7 $14.6 $48.3 $7.7 $1.6 $57.6
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment $54.1
All other development 110.5
Total development $164.6
Calendar year loss/LAE ratio 64.8
Accident year loss/LAE ratio 67.7
Statutory Ratios
Loss/LAE ratio 64.9
Expense ratio 19.4
Combined ratio 84.3
Statutory surplus $5,330.4
May May
2005 2004 Change
Policies in Force
(in thousands)
Agency – Auto 4,482 4,176 7%
Direct – Auto 2,252 1,984 13%
Other Personal Lines3 2,555 2,199 16%
Total Personal Lines 9,289 8,359 11%
Commercial Auto Business 449 400 12%
NM = Not Meaningful
1
The other businesses generated an underwriting profit of $7.7 million.
2
Represents adjustments solely based on the Company’s corporate actuarial review.
3
Includes insurance for motorcycles, recreation vehicles, mobile homes, watercraft, snowmobiles and similar items.
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6. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
BALANCE SHEET AND OTHER INFORMATION
(millions– except per share amounts)
(unaudited)
May
2005
CONDENSED GAAP BALANCE SHEET:1
Investments - Available-for-sale, at market:
Fixed maturities (amortized cost: $9,148.2) $9,217.5
Equity securities:
Preferred stocks (cost: $1,031.8) 1,042.0
Common equities (cost: $1,400.6) 1,922.5
Short-term investments (amortized cost: $1,979.8) 1,980.7
Total investments2 14,162.7
Net premiums receivable 2,514.3
Deferred acquisition costs 465.4
Other assets 1,453.9
Total assets $18,596.3
Unearned premiums $4,480.3
Loss and loss adjustment expense reserves 5,465.3
Other liabilities2 1,843.0
Debt 1,284.6
Shareholders’ equity 5,523.1
Total liabilities and shareholders’ equity $18,596.3
Common Shares outstanding 198.2
Shares repurchased – May .8
Average cost per share $94.62
Book value per share $27.87
Trailing 12-month return on average shareholders’ equity 29.5%
Net unrealized pre-tax gains on investments $602.3
Increase (decrease) from April 2005 $85.1
Increase (decrease) from December 2004 $(67.1)
Debt to total capital ratio 18.9%
Fixed-income portfolio duration 2.7 years
Weighted average credit quality AA+
1
Pursuant to SFAS 113, “Accounting and Reporting for Reinsurance of Short-Duration and Long-
Duration Contracts,” loss and loss adjustment expense reserves are stated gross of reinsurance
recoverables on unpaid losses of $340.1 million.
2
Amounts include net unsettled security acquisitions, including repurchase commitments, of $430.8
million.
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7. Monthly Commentary
• Written premium growth reflects the fact that the Memorial Day holiday fell in fiscal May 2005, as compared to
fiscal June 2004. As previously reported, results for certain months in 2005 may not be directly comparable to the
corresponding 2004 months due to the Company’s use of a fiscal calendar, which resulted in an additional week
of activity in 2004. As a consequence, the Company may experience consecutive months, such as May and June,
where comparisons to the prior year months are under or overstated. During months with such anomalies, net
premiums earned and policies in force growth may be more representative measures.
The Progressive Group of Insurance Companies, in business since 1937, ranks third in the nation for auto insurance based
on premiums written and provides drivers with competitive rates and 24/7, in-person and online service. The companies
that offer insurance directly (by phone at 1-800-PROGRESSIVE and online at progressivedirect.com) market their
products and services under the Progressive DirectSM brand, while the companies that offer insurance through more than
30,000 independent insurance agencies market their products and services under the Drive Insurance from Progressive
brand. The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, are
publicly traded at NYSE:PGR. More information can be found at progressive.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this release that are not historical
fact are forward-looking statements that are subject to certain risks and uncertainties that could cause actual events and results to
differ materially from those discussed herein. These risks and uncertainties include, without limitation, uncertainties related to
estimates, assumptions and projections generally; inflation and changes in economic conditions (including changes in interest rates
and financial markets); the accuracy and adequacy of the Company’s pricing and loss reserving methodologies; pricing competition
and other initiatives by competitors; the Company’s ability to obtain regulatory approval for requested rate changes and the timing
thereof; the effectiveness of the Company’s advertising campaigns; legislative and regulatory developments; disputes relating to
intellectual property rights; the outcome of litigation pending or that may be filed against the Company; weather conditions
(including the severity and frequency of storms, hurricanes, snowfalls, hail and winter conditions); changes in driving patterns and
loss trends; acts of war and terrorist activities; the Company’s ability to maintain the uninterrupted operation of its facilities, systems
(including information technology systems) and business functions; court decisions and trends in litigation and health care and auto
repair costs; and other matters described from time to time by the Company in releases and publications, and in periodic reports and
other documents filed with the United States Securities and Exchange Commission. In addition, investors should be aware that
generally accepted accounting principles prescribe when a company may reserve for particular risks, including litigation exposures.
Accordingly, results for a given reporting period could be significantly affected if and when a reserve is established for one or more
contingencies. Reported results, therefore, may appear to be volatile in certain accounting periods.
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