Progressive Earns Top Spot on Business Week 50
Magazine's annual assessment of the top-50 performing Standard & Poor's 500 companies ranks Progressive as number one
MAYFIELD VILLAGE, Ohio — March 26, 2004 — The Progressive group of insurance companies has been selected as the top performing company in the S&P 500, according to the 8th annual analysis by Business Week magazine. Last year, Progressive was ranked 5th.
Business Week made its selections based on criteria including growth in revenues, profits, and returns to shareholders over one- and three-year periods. It also examined net margins, debt levels and sales volume.
Progressive received high marks for improving the efficiency of its operations and for its history of industry innovations, such as being the first to offer comparison rates, its innovations in claims service, including its newest innovation, specially-designed claims centers providing a concierge-level of service, and its constant drive to find ways to do things better, faster and cheaper for its 12 million customers.
The Progressive group of insurance companies, in business since 1937, ranks third in the nation for auto insurance based on premiums written and provides drivers with competitive rates and 24/7, in-person and online service. The companies offer insurance by phone at 1-800-PROGRESSIVE, online at progressive.com and through more than 30,000 independent insurance agencies in the U.S. Providing stakeholders the information they need to make more informed decisions is a key company strategy. In 1994, Progressive became the first auto insurance company to provide its rates alongside the rates of other companies so consumers could easily compare and decide. In 2001, Progressive became the first Fortune 500 company to report operating results monthly and in August 2003 the Company began reporting earnings per share monthly. The Common Shares of the Progressive Corporation, the Mayfield Village, Ohio-based holding company, are publicly traded at NYSE: PGR. More information can be found at progressive.com.
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