1. NEWS
RELEASE
The Progressive Corporation Company Contact:
6300 Wilson Mills Road Patrick Brennan
Mayfield Village, Ohio 44143 (440) 395-2370
http://www.progressive.com
PROGRESSIVE DISTRIBUTES NOVEMBER RESULTS
MAYFIELD VILLAGE, OHIO -- December 12, 2007 -- The Progressive Corporation today reported the following results for November
2007:
(millions, except per share amounts and ratios) November November
2007 2006 Change
Net premiums written $912.8 $959.2 (5)%
Net premiums earned 1,048.4 1,077.4 (3)%
Net income 93.0 131.9 (29)%
Per share .14 .17 (22)%
Pretax net realized gains (losses) on securities 30.8 4.9 529%
Combined ratio 94.3 87.0 7.3 pts.
Average diluted equivalent shares 686.6 757.3 (9)%
(in thousands) November November
2007 2006 Change
Policies in Force:
Total Personal Auto 7,026.8 6,895.2 2%
Total Special Lines 3,125.4 2,886.6 8%
Total Commercial Auto 541.0 505.2 7%
Progressive offers insurance to personal and commercial auto drivers throughout the United States. Our Personal Lines Business writes
insurance for private passenger automobiles and recreational vehicles. Our Commercial Auto Business writes primary liability, physical
damage and other auto-related insurance for automobiles and trucks owned by small businesses.
See the “Income Statements” and “Supplemental Information” for further month and year-to-date information and the “Monthly
Commentary” at the end of this release for additional discussion.
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2. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
INCOME STATEMENT
November 2007
(millions – except per share amounts)
(unaudited)
Current
Comments on Monthly Results1
Month
Net premiums written $912.8
Revenues:
Net premiums earned $1,048.4
Investment income 54.7
Net realized gains (losses) on securities 30.8
Service revenues 1.5
Total revenues 1,135.4
Expenses:
Losses and loss adjustment expenses 767.8
104.7
Policy acquisition costs
Other underwriting expenses 116.3
Investment expenses 1.0
Service expenses 2.1
Interest expense 11.5
Total expenses 1,003.4
Income before income taxes 132.0
Provision for income taxes 39.0
Net income $93.0
COMPUTATION OF EARNINGS PER SHARE
Basic:
Average shares outstanding 679.6
Per share $.14
Diluted:
Average shares outstanding 679.6
Net effect of dilutive stock-based compensation 7.0
Total equivalent shares 686.6
Per share $.14
1
See the Monthly Commentary at the end of this release for additional discussion. For a description of our reporting and accounting
policies, see Note 1 to our 2006 audited consolidated financial statements included in our 2006 Shareholders’ Report, which can be
found at www.progressive.com/annualreport.
The following table sets forth the investment results for the month:
Fully taxable equivalent total return:
Fixed-income securities (.2)%
Common stocks (4.1)%
Total portfolio (.8)%
Pretax recurring investment book yield 4.8%
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3. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
INCOME STATEMENTS
November 2007 Year-to-Date
(millions – except per share amounts)
(unaudited)
Year-to-Date
%
2007 2006 Change
Net premiums written $12,862.4 $13,212.8 (3)
Revenues:
Net premiums earned $12,832.9 $13,041.3 (2)
Investment income 621.7 592.3 5
Net realized gains (losses) on securities 107.0 (19.1) NM
Service revenues 20.8 28.3 (27)
Total revenues 13,582.4 13,642.8 0
Expenses:
Losses and loss adjustment expenses 9,141.7 8,687.9 5
Policy acquisition costs 1,295.4 1,332.6 (3)
Other underwriting expenses 1,415.0 1,286.5 10
Investment expenses 12.4 10.9 14
Service expenses 19.0 22.6 (16)
Interest expense 97.1 71.0 37
Total expenses 11,980.6 11,411.5 5
Income before income taxes 1,601.8 2,231.3 (28)
Provision for income taxes 486.9 722.7 (33)
Net income $1,114.9 $1,508.6 (26)
COMPUTATION OF EARNINGS PER SHARE
Basic:
Average shares outstanding 713.7 776.3 (8)
Per share $1.56 $1.94 (20)
Diluted:
Average shares outstanding 713.7 776.3 (8)
Net effect of dilutive stock-based compensation 8.2 9.5 (14)
Total equivalent shares 721.9 785.8 (8)
Per share $1.54 $1.92 (20)
NM = Not Meaningful
The following table sets forth the investment results for the year-to-date period:
2007 2006
Fully taxable equivalent total return:
Fixed-income securities 4.5% 6.0%
Common stocks 6.9% 14.8%
Total portfolio 4.9% 7.3%
Pretax recurring investment book yield 4.8% 4.6%
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4. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
November 2007
($ in millions)
(unaudited)
Current Month
Commercial
Personal Lines Auto Other Companywide
Businesses1
Agency Direct Total Business Total
Net Premiums Written $502.9 $294.7 $797.6 $113.6 $1.6 $912.8
% Growth in NPW (6)% (1)% (5)% (7)% NM (5)%
Net Premiums Earned $572.5 $334.1 $906.6 $140.1 $1.7 $1,048.4
% Growth in NPE (4)% 0% (3)% (3)% NM (3)%
GAAP Ratios
Loss/LAE ratio 71.7 74.2 72.6 76.3 NM 73.2
Expense ratio 21.8 20.5 21.3 19.5 NM 21.1
Combined ratio 93.5 94.7 93.9 95.8 NM 94.3
Actuarial Adjustments2
Reserve Decrease/(Increase)
Prior accident years $.1
Current accident year (12.1)
Calendar year actuarial adjustment $(5.0) $(3.0) $(8.0) $(3.8) $(.2) $(12.0)
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment $.1
All other development (9.9)
Total development $(9.8)
Calendar year loss/LAE ratio 73.2
Accident year loss/LAE ratio 72.3
Statutory Ratios
Loss/LAE ratio 73.2
Expense ratio 22.6
Combined ratio 95.8
1
Primarily includes professional liability insurance for community banks and Progressive’s run-off businesses. The other
businesses generated an underwriting loss of $1.6 million for the month. Combined ratios and % growth are not meaningful
(NM) due to the low level of premiums earned by, and the variability of losses in, such businesses.
2
Represents adjustments solely based on our corporate actuarial reviews.
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5. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
November 2007 Year-to-Date
($ in millions) (unaudited)
Year-to-Date
Commercial
Personal Lines Auto Other Companywide
Businesses1
Agency Direct Total Business Total
Net Premiums Written $7,049.7 $4,072.6 $11,122.3 $1,719.1 $21.0 $12,862.4
% Growth in NPW (4)% 0% (2)% (4)% NM (3)%
Net Premiums Earned $7,066.5 $4,038.5 $11,105.0 $1,707.9 $20.0 $12,832.9
% Growth in NPE (3)% 1% (2)% 0% NM (2)%
GAAP Ratios
Loss/LAE ratio 71.9 70.9 71.6 69.6 NM 71.3
Expense ratio 21.3 21.1 21.2 20.2 NM 21.1
Combined ratio 93.2 92.0 92.8 89.8 NM 92.4
Actuarial Adjustments2
Reserve Decrease/(Increase)
Prior accident years $36.3
Current accident year (30.4)
Calendar year actuarial adjustment $9.0 $4.7 $13.7 $(7.3) $(.5) $5.9
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment $36.3
All other development (113.8)
Total development $(77.5)
Calendar year loss/LAE ratio 71.3
Accident year loss/LAE ratio 70.7
Statutory Ratios
Loss/LAE ratio 71.3
Expense ratio 21.0
Combined ratio 92.3
Statutory Surplus3 $4,754.6
NM = Not Meaningful
November November
2007 2006 Change
Policies in Force
(in thousands)
Agency – Auto 4,431.4 4,462.6 (1)%
Direct – Auto 2,595.4 2,432.6 7%
Special Lines4 3,125.4 2,886.6 8%
Total Personal Lines 10,152.2 9,781.8 4%
Commercial Auto Business 541.0 505.2 7%
1
The other businesses generated an underwriting profit of $1.5 million.
2
Represents adjustments solely based on our corporate actuarial reviews.
3
During November, the insurance subsidiaries declared $380.3 million in dividends to be paid to the parent company.
4
Includes insurance for motorcycles, recreational vehicles, mobile homes, watercraft, snowmobiles and similar items, as well as a
personal umbrella product.
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6. THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
BALANCE SHEET AND OTHER INFORMATION
(millions – except per share amounts)
(unaudited)
November
2007
CONDENSED GAAP BALANCE SHEET:1
Investments – Available-for-sale, at fair value:
Fixed maturities (amortized cost: $9,441.6) $9,511.0
Equity securities:
Preferred stocks2 (cost: $2,501.7) 2,271.4
Common equities (cost: $1,378.3) 2,351.8
Short-term investments (amortized cost: $1,339.9) 1,339.9
Total investments3 15,474.1
Net premiums receivable 2,466.0
Deferred acquisition costs 442.0
Other assets 1,760.5
Total assets $20,142.6
Unearned premiums $4,347.6
Loss and loss adjustment expense reserves 5,943.9
Other liabilities3 2,566.6
Debt 2,173.8
Shareholders’ equity 5,110.7
Total liabilities and shareholders’ equity $20,142.6
Common Shares outstanding 684.2
Shares repurchased – November 6.1
Average cost per share $18.24
Book value per share $7.47
Trailing 12-month return on average shareholders’ equity 20.2%
Net unrealized pretax gains on investments $819.5
Increase (decrease) from October 2007 $(219.0)
Increase (decrease) from December 2006 $(98.7)
Debt-to-total capital ratio 29.8%
Fixed-income portfolio duration 3.4 years
Weighted average credit quality AA
Year-to-date Gainshare factor .75
1
Loss and loss adjustment expense reserves are stated gross of reinsurance recoverables on unpaid
losses of $300.2 million.
2
As of November 30, 2007, we held certain hybrid securities and recognized a change in fair value of
$6.9 million as a realized loss during the period we held these securities.
3
Includes repurchase commitment transactions of $821.7 million and net unsettled security
transactions of $145.4 million.
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7. Monthly Commentary
• November 2007 results include $8.2 million of expenses related to the reduction-in-force in our Information Technology and
Personal Lines groups announced on November 15, 2007, and discussed in the monthly commentary in our October release.
About Progressive
The Progressive Group of Insurance Companies, in business since 1937, is the country’s third largest auto insurance group and largest
seller of motorcycle and personal watercraft policies based on premiums written, and is a market leader in commercial auto insurance.
Progressive is committed to becoming consumers’ #1 choice for auto insurance by providing competitive rates and products that meet
drivers’ needs throughout their lifetimes, superior online and in-person customer service, and best-in-class, 24-hour claims service,
including its concierge level of claims service available at service centers located in major metropolitan areas throughout the United
States.
Progressive companies offer consumers choices in how to shop for, buy and manage their auto insurance policies. Progressive offers its
products, including personal and commercial auto, motorcycle, boat and recreational vehicle insurance, through more than 30,000
independent insurance agencies throughout the U.S. and online and by phone directly from the Company. To find an agent or to get a
quote, go to www.progressive.com.
The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, are publicly traded at
NYSE:PGR. For more information, including a guide to interpreting the monthly reporting package, visit www.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 our pricing and loss reserving methodologies; the competitiveness of our pricing and the
effectiveness of our initiatives to retain more customers; initiatives by competitors and the effectiveness of our response; our ability to
obtain regulatory approval for requested rate changes and the timing thereof; the effectiveness of our brand strategy and advertising
campaigns relative to those of competitors; legislative and regulatory developments; disputes relating to intellectual property rights; the
outcome of litigation pending or that may be filed against us; 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; our
ability to maintain the uninterrupted operation of our 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 in
our releases and publications, and in our 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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