Exhibit 99
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News Release dated February 14, 2003,
containing certain selected underwriting results
of The Progressive Corporation
for the month of January 2003
PROGRESSIVE NEWS
RELEASE
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The Progressive Corporation COMPANY CONTACT:
6300 Wilson Mills Road Thomas A. King
Mayfield Village, Ohio 44143 (440) 395-2260
http://www.progressive.com
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FOR IMMEDIATE RELEASE
MAYFIELD VILLAGE, OHIO - February 14, 2003 -- The Progressive Corporation today
reported that for January 2003, the Company produced a GAAP combined ratio of
86.7. Net premiums written increased 32% to $992.5 million for the month,
compared to $751.3 million last year. Net premiums earned for the month
increased 32% to $967.4 million, compared to $735.6 million last year.
Progressive's Personal Lines business units write insurance for private
passenger automobiles and recreation vehicles. Progressive's Commercial Auto
business unit writes primary liability, physical damage and other auto-related
insurance for automobiles and trucks owned by small businesses. The Company's
other businesses primarily include writing lenders' collateral protection and
directors' and officers' liability insurance and providing insurance-related
services, primarily processing business for Commercial Auto Insurance Procedures
(CAIP), which are state supervised plans serving the involuntary market. See
"Supplemental Information" for January's results.
The Progressive group of insurance companies ranks fourth in the nation
for auto insurance, offering its products by phone at 1-800-PROGRESSIVE, online
at progressive.com and through more than 30,000 independent agencies. The
Progressive Corporation, the holding company, is publicly traded at NYSE:PGR.
The Progressive Corporation
Supplemental Information
January 2003
($ in million)(unaudited)
Current Month
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Personal Lines Commercial
------------------------------------- Auto Other Companywide
Agent Direct Total Business Businesses Total
----- ------ ----- --------- ---------- -----
Net Premiums Written $604.3 $273.9 $878.2 $108.0 $6.3 $992.5
% Growth in NPW 31% 33% 31% 50% (44)% 32%
Premiums Earned $596.1 $262.9 $859.0 $102.1 $6.3 $967.4
% Growth in Premiums Earned 28% 36% 30% 58% (43)% 32%
Loss/LAE Ratio 68.4 66.3 67.8 61.3 75.9 67.1
Expense Ratio 19.4 19.6 19.4 19.5 43.8 19.6
Combined Ratio 87.8 85.9 87.2 80.8 119.7 86.7
Actuarial Adjustments(a) - $3.4 $.5 $3.9 $0 $0 $3.9
Favorable (Unfavorable)
January 31, January 31,
Policies in Force 2003 2002 Change
(in thousands) ---- ---- ------
Agent - Auto 3,449 2,807 23%
Direct - Auto 1,576 1,248 26%
Other Personal Lines(b) 1,652 1,391 19%
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Total Personal Lines 6,677 5,446 23%
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Commercial Auto Business 292 212 38%
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(a)Represents adjustments solely based on the Company's corporate actuarial
review. Prior accident years development will continue to be reported on a
quarterly basis only.
(b) Includes insurance for motorcycles, recreation vehicles, mobile homes,
watercraft, snowmobiles, homeowners and similar items.