The Progressive Insurance Company, Mayfield, Ohio, is finding both top- and bottom-line growth more challenging to achieve, said its chief executive officer in the annual report released yesterday.
Glenn Renwick said that while net written premium last year rose 5 percent over 2004, “this is the smallest gain of the last five years in both absolute and percentage terms, but not out of synch with our expectations or our forecast of industrywide auto premiums for 2005.”
The company approved a new variable dividend policy that Bear Stearns analyst David Small noted would have paid $1.66 per share last year if it had been in place instead of the 12 cents paid per share under the current policy.
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