4 Quarter of 2002 the group results gradually Conference Call
Welcome to the Progressive fourth quarter peace conference. All participants will be able to hear as long as the question and answer session. This conference is being recorded at the request of the “progressive”. If you have any objections, you can get rid of this era. In his role as moderator for the call is Tom King. At this point, I will then call Mr. König.
TOM KING, controller, Progressive: Welcome to the quarterly conference call progressive. Participants are now Glenn Renwick, Chief Executive Officer, and Tom Forrester, Chief Financial Officer. Glenn started the dialogue with observations on the quarterly results, and then we open call for submitting questions. The call lasted about an hour. Conclusions of the conference call, which are not historical facts are forward-looking statements with respect to certain risks and uncertainties, could lead to what the actual events and results significantly from our projections. These risks and uncertainties include, without limitation, regarding the uncertainties of estimates, assumptions, projections in general, inflation and changes in interest rates and security prices, foreign exchange and Other initiatives of competitors, the ability to obtain the permission of authorities demand changes tariffs, the legislative and regulatory developments, the results of ongoing litigation against the company, weather conditions, changes in patterns of conduct Vehicle and loss trends, war and terrorist activities, judicial decisions, litigation, public health and car repair and other costs Affairs described from time to time by the company. In addition, investors should be aware that “Generally Accepted Accounting Principles”, if a company can be the reservation of certain risks. Accordingly, some results for a period of reference could be significantly affected if and when a reservation is a large contingency. See the results may therefore appear to be volatile in certain billing periods.
GLENN Renwick, Chief Executive Officer, Progressive: Hello. In short, the fourth quarter was a strong finish over the year with 32% of net premiums written growth compared to 30 for Greer. The grooming excellent profitability. A DIGIC of our growth for the year shows that several contributions. First, assess. The group to change prices in 2002 was about 5% for personal lines. We expect our current rate should be at this level or slightly higher in’03. Secondly, the political life of termination. We had almost 20% more in political life with most tears in both possibilities. We will see some decrease in the rate of growth of data retention, but expect to keep new levels. Our agency ultra-Business is the only escaped this trend, if necessary, in mid-sentence, put pressure on the political life expectancy of about a month to the other major category of retention. Thirdly, new models. Glets in the rate of new cases has been very strong. Our acquisition of new business achieved our policy because of Attrition replacement rate in each category of both luck.
Some strengths of each company: first, an agency. Premium written growth accelerated during the quarter, an increase of 29% for the quarter and 26% for the year. From the market remains positive in this channel. A good number of lots and adjustment costs for the quarter,
Meets expectations in the year 91 71.9 and 72%. We saw strong unit growth in the fourth quarter, new applications and extensions type for an increase of 22% of the measures in force, annual comparison. The direct our advertising at the national level, supported by additional local market, to maximize performance within our income parameters. We currently have no significant pressure on local efforts sales. Based on advertising prices, our expenses in 2002 was roughly the same as in 2001 with more efficiency and performance. We believe we can increase our effectiveness of advertising expenditure during the optimization of our performance in a plane-building advertising in 2003. 2002 written premium business net rose 39% for the quarter and 36% for the full year with a decrease in losses and costs competitive.
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