Leading auto insurer Progressive Corp. reported first quarter 2003 net income of $291.5 million, or $1.32 per share, compared to $176.2 million, or 78 cents per share in the first quarter last year.
Net premiums written and earned both increased 32% to $2,879.3 million and $2,598.3 million, respectively, as compared to the first quarter last year. The company produced a GAAP combined ratio of 86.7, compared to 90.5 in the first quarter last year. Recurring investment income was $116.0 million before taxes and $85.4 million after taxes, compared to $108.1 million before taxes and $76.8 million after taxes for the first quarter 2002. See the “Operations Summary” for complete results, which is included in the complete quarterly release which can be found at: http://www.progressive.com/investors/1qtr03.asp.
For the first quarter of 2003, operating income, which is a non-GAAP disclosure and defined by the company as net income excluding net realized gains and losses on securities and nonrecurring items, was $293.5 million, or $1.33 per share, compared to $185.8 million, or 83 cents per share, last year. There were no nonrecurring items. See the “Operations Summary” for a reconciliation of the Company’s net income to operating income, which is included in the complete quarterly release which can be found at: http://www.progressive.com/investors/1qtr03.asp .
Also during the first quarter 2003, the company repurchased 1.8 million of its common shares at an average cost of $54.29 per share.