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Letter to the Editor
Tuesday March 19
Progressive Announces 3 for 1 Stock Split
MAYFIELD VILLAGE, OHIO -- The Board of Directors of The Progressive Corporation has approved a 3 for 1 split of the Company's Common Shares, $1.00 par value, to be effected in the form of a stock dividend. In connection with the transaction, two additional Common Shares will be issued on April 22, 2002, for each Common Share held by shareholders of record as of the close of business on April 1, 2002. The purpose of the stock split is to increase the supply of the company's Common Shares and to improve the liquidity of the stock.
For February 2002, Progressive produced a GAAP combined ratio (CR) of 90.4. Net premiums earned for the month increased 18 percent to $608.7 million, compared to $515.6 million last year. Net premiums written increased 33 percent to $719.6 million for the month, compared to $542.3 million last year. According to Progressive, the company's shift to 6-month policies during the past year did not have a significant effect on February's written premium growth rate.
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