Progressive Scores April 88.3% Combo Ratio

Progressive Corp. reported that for April 2003, the company produced a GAAP combined ratio of 88.3.

Net premiums written increased 28 percent to almost $1.2 million for the month, compared to $928 million last year. Net premiums earned for the month increased 31 percent to $1.05 million, compared to $800.7 million last year.

During April, the company experienced $20 million, or 1.9 points, of catastrophic, weather-related losses, primarily due to hailstorms in Texas.