Progressive’s Q4 Profit 135% Higher Than Year Ago

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.