Progressive 2003 Annual Report Download - page 45

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- APP.-B-45 -
(millions–except per share amounts) 1998 1997 1996 1995 1994
Direct premiums written:
Personal Lines $ 4,987.1 $ 4,355.9 $ 3,165.4 $ 2,6 4 4.6$2,181.7
Commercial Auto Business 265.2 253.5 229.9 210.5 183.7
Other businesses 199.0 215.8 243.1 213.8 279.7
To t a l direct premiums written 5,451.3 4,825.2 3,638.4 3,068.9 2,645.1
Reinsurance assumed — — 3.8 .1 2.9
Reinsurance ceded (151.6) (160.1) (200.5) (156.2) (190.8)
Net premiums written 5,299.74,665.13,441.72,912.82,457.2
Net change in unearned premiums reserve1(351.7) (475.6) (242.4) (185.6) (266.1)
Net premiums earned 4,948.0 4,189.5 3,199.3 2,727.2 2,191.1
Expenses:
Losses and loss adjustment expenses23,376.3 2,967.5 2,236.1 1,9 43.8 1,397.3
Policy acquisition costs 659.9 607.8 482.6 459.6 391.5
Other underwriting expenses 495.8 336.0 208.5 167.2 150.8
To t a l u n d e rwriting expenses 4,532.0 3,911.3 2,927.2 2,570.6 1,939.6
Underwriting profit (loss) before taxes 416.0 278.2 272.1 156.6 251.5
Provision (benefit) for income taxes 145.6 97.4 95.2 54.8 88.0
Underwriting profit (loss) after taxes 270.4 180.8 176.9 101.8 163.5
Service operations profit (loss) after taxes 4.8 .9 2.8 5.6 6.5
275.2 181.7 179.7 107.4 170.0
Investment income after taxes 221.3 205.3 175.6 156.2 131.2
Net realized gains (losses) on securities
after taxes 7.4 64.0 4.6 30.4 15.5
Interest expense after taxes (39.7) (42.0) (40.0) (37.1) (35.9)
Nonrecurring items after taxes3—————
Other income after taxes4—————
Net expenses after taxes5(7.5) (9.0) (6.2) (6.4) (6.5)
Net income $ 456.7 $ 400.0 $ 313.7 $ 250.5 $ 274.3
Per share6
Net income $ 2.04 $ 1.77 $ 1.38 $ 1.09 $ 1.20
Dividends .083 .080 .077 .073 .070
Avera ge equivalent shares
Basic 217.4 216.0 214.8 215.4 214.8
Diluted 224.1 225.9 222.6 222.6 222.0