Progressive Reports $1.29 Q2 EPS

Mayfield Village, Ohio-based vehicle insurer Progressive Corp. reported second quarter 2003 net income of $286.3 million, or $1.29 per share, compared to $160.4 million, or $.71 per share, in the second quarter last year.

Included in net income are net realized gains on securities of $23.1 million, or 7 cents per share, for the second quarter 2003 and net realized losses on securities of $3 million, or 1 cent per share, for the same period last year.

Net premiums written and earned increased 27 percent and 30 percent to $3,022.8 million and $2,774.9 million, respectively, as compared to the second quarter last year.

The company produced a GAAP combined ratio of 88.8, compared to 93.4 in the same period last year. During the second quarter of 2003, the company had catastrophe losses of $34.1 million, 10 cents per share or 1.2 points, compared to $12.0 million, 3 cents per share or .6 points, in the same period last year.

Recurring investment income was $112.5 million before taxes and $83.6 million after taxes, compared to $117.0 million before taxes and $82.6 million after taxes for the second quarter 2002.