Progressive sets new dividend tied to performance

Newswire

NEW YORK, Feb 28 (Reuters) - Progressive Corp. , one of the largest U.S. auto insurers, on Tuesday said it will adopt a variable annual dividend in 2007, which could result in a substantial increase, or a decrease, in the company's payouts to shareholders. In its annual report, the Mayfield Village, Ohio-based company said it will base the dividend on a target percentage of after-tax underwriting income, multiplied by a companywide "performance factor" between zero and two. This factor ...

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