Progressive May Cut Rates As Profits Soar
NU Online News Service, Jan. 22, 4:14 p.m. EST?
The company said net income for the period came in at $357.8 million, a gain of $205.6 million over the $152.2 million in net profit reported for the period in 2002, as net premiums written rose and net realized losses on securities fell sharply.
Progressive Chief Executive Glenn Renwick, in a conference call with analysts today, said 2004 will be "a somewhat softer market" and that Progressive may take "selective rate adjustments downward" to preserve its market share.
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