-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GaQkB9/jZ+mU1iC0XWg0em83cjGQVNjlc+Xq+wGpIyezpxQBzYPTqglsgN/iQ7Pr l3AvSexCbEaF3SRMyBI4bw== 0000950152-03-005612.txt : 20030516 0000950152-03-005612.hdr.sgml : 20030516 20030516094055 ACCESSION NUMBER: 0000950152-03-005612 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030516 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030516 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PROGRESSIVE CORP/OH/ CENTRAL INDEX KEY: 0000080661 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 340963169 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09518 FILM NUMBER: 03707276 BUSINESS ADDRESS: STREET 1: 6300 WILSON MILLS RD CITY: MAYFIELD VILLAGE STATE: OH ZIP: 44143 BUSINESS PHONE: 4404615000 MAIL ADDRESS: STREET 1: 6300 WILSON MILLS RD CITY: MAYFIELD VILLAGE STATE: OH ZIP: 44143 8-K 1 l01046ae8vk.htm THE PROGRESSIVE CORPORATION FORM 8-K THE PROGRESSIVE CORPORATION FORM 8-K
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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) May 16, 2003

THE PROGRESSIVE CORPORATION
(Exact name of registrant as specified in its charter)
         
Ohio   1-9518   34-0963169
 
 
(State or other
jurisdiction of
incorporation)		   (Commission File
Number) 		  (IRS Employer
Identification
No.)
         
6300 Wilson Mills Road, Mayfield Village, Ohio
     44143
  
   
 
(Address of principal executive offices)       (Zip Code)

Registrant’s telephone number, including area code 440-461-5000

Not Applicable
(Former name or former address, if changed since last report)

 

ITEM 9. REGULATION FD DISCLOSURE
SIGNATURES
EXHIBIT INDEX
EXHIBIT 99 NEWS RELEASE

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Item 9. Regulation FD Disclosure.

On May 16, 2003, The Progressive Corporation (the “Company”) issued a News Release containing certain selected underwriting results of the Company for the month of April 2003 (the “News Release”). A copy of the News Release is attached hereto as Exhibit 99. This information is being furnished under this Item 9 and under Item 12 (Results of Operations and Financial Condition), pursuant to SEC Release No. 33-8216.

 

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SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

         
Dated:   May 16, 2003    
 
        THE PROGRESSIVE CORPORATION
 
        By: /s/ W. Thomas Forrester
Name: W. Thomas Forrester
Title: Vice President and Chief
Financial Officer

 

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EXHIBIT INDEX

             
Exhibit No.            
Under Reg. S-K   Form 8-K    
Item 601   Exhibit No.   Description
 
 
99     99     News Release dated May 16, 2003, containing certain selected underwriting results of The Progressive Corporation for the month of April 2003

  EX-99 3 l01046aexv99.txt EXHIBIT 99 NEWS RELEASE Exhibit 99 ---------- News Release dated May 16, 2003, containing certain selected underwriting results of The Progressive Corporation for the month of April 2003 PROGRESSIVE 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 - May 16, 2003 -- The Progressive Corporation today reported that for April 2003, the Company produced a GAAP combined ratio of 88.3. Net premiums written increased 28% to $1,191.0 million for the month, compared to $928.0 million last year. Net premiums earned for the month increased 31% to $1,045.7 million, compared to $800.7 million last year. During April, the Company experienced $20.0 million, or 1.9 points, of catastrophic, weather-related losses, primarily due to hailstorms in Texas. Progressive's Personal Lines business units write insurance for private passenger automobiles and recreation vehicles. Progressive's Commercial Auto business unit writes primary liability, physical damage and other auto-related insurance for automobiles and trucks owned by small businesses. The Company's other businesses primarily include writing lenders' collateral protection and directors' and officers' liability insurance. See "Supplemental Information" for April's results. The Progressive group of insurance companies ranks third in the nation for auto insurance, offering its products by phone at 1-800-PROGRESSIVE, online at progressive.com and through more than 30,000 independent agencies. The Progressive Corporation, the holding company, is publicly traded at NYSE:PGR. The Progressive Corporation Supplemental Information April 2003 ($ in million)(unaudited)
Current Month -------------------------------------------------------------------------------------------- Personal Lines Commercial ------------------------------------ Auto Other Companywide Agent Direct Total Business Businesses Total ----- ------ ----- --------- ---------- ----- Net Premiums Written $719.1 $316.3 $1,035.4 $147.8 $7.8 $1,191.0 % Growth in NPW 25% 31% 27% 43% (18)% 28% Premiums Earned $644.5 $284.5 $929.0 $109.7 $7.0 $1,045.7 % Growth in Premiums Earned 28% 35% 30% 44% (31)% 31% Loss/LAE Ratio 70.3 71.5 70.7 57.1 63.9 69.2 Expense Ratio 18.8 19.2 18.9 20.0 33.5 19.1 Combined Ratio 89.1 90.7 89.6 77.1 97.4 88.3 Actuarial Adjustments(a) - $(17.6) $(5.8) $(23.4) $1.5 $(.2) $(22.1) Favorable (Unfavorable)
Year-to-Date -------------------------------------------------------------------------------------------- Personal Lines Commercial --------------------------------------- Auto Other Companywide Agent Direct Total Business Businesses Total ----- ------ ----- -------- ---------- ----- Net Premiums Written $2,470.5 $1,111.6 $3,582.1 $462.0 $26.2 $4,070.3 % Growth in NPW 29% 34% 31% 38% (34)% 31% Premiums Earned $2,245.0 $991.6 $3,236.6 $382.4 $25.0 $3,644.0 % Growth in Premiums Earned 29% 36% 31% 50% (38)% 32% Loss/LAE Ratio 68.1 67.9 68.0 62.5 66.4 67.4 Expense Ratio 19.4 20.0 19.6 19.5 42.1 19.8 Combined Ratio 87.5 87.9 87.6 82.0 108.5 87.2 Actuarial Adjustments(a) - $(7.2) $(3.7) $(10.9) $(6.2) $(.6) $(17.7) Favorable (Unfavorable)
April April Policies in Force 2003 2002 Change ---- ---- ------ (in thousands) Agent - Auto 3,694 2,996 23% Direct - Auto 1,681 1,336 26% Other Personal Lines(b) 1,774 1,482 20% ----- ----- Total Personal Lines 7,149 5,814 23% ----- ----- Commercial Auto Business 316 242 31% ----- -----
(a) Represents adjustments solely based on the Company's corporate actuarial review. (b) Includes insurance for motorcycles, recreation vehicles, mobile homes, watercraft, snowmobiles, homeowners and similar items. -----END PRIVACY-ENHANCED MESSAGE-----