progressive mreport-03/04

- The Progressive Corporation reported financial results for March 2004, including a 66% increase in net income compared to March 2003. Net written premiums increased 14% and net earned premiums increased 18%. - The combined ratio was 82.8%, an improvement of 0.9 percentage points from March 2003. However, unfavorable reserve development from prior accident years increased the loss ratio and combined ratio. - Policies in force grew 16% for personal lines and 25% for commercial auto business compared to March 2003, driven by strong renewals. Most of Progressive's markets remained profitable in March and for the year to date.