What is Progressive$?$s proportional profit margin in $199?$For example, for each $$100$

dollars in revenues, what is Progressive$?$s profit or loss?

Exhibit 5 Progressive Selected Financials ($ in millions) 1999 1998 1997 1996 1995 1994 1993 Company-wide net premiums writtena 6,110 5,274 4,644 3,399 2,875 2,430 1,794 Auto net premiums written 5,769 4,978 4,368 3,157 2,669 2,392 1,755 Auto as % of business 94% 94% 94% 93% 93% 98% 94% Revenues and expenses Premiums earned b 5,660 4,916 4,161 3,161 2,693 2,168 1,645 Loss and loss adjustment 4,240 3,364 2,968 2,225 1,931 1,391 1,027 Underwriting expensesd 1,495 1,314 1,085 778 708 633 513 Other expenses 0 0 0 0 0 0 0 Dividends to policyholders Net underwriting income 0 0 0 0 0 0 0 (75) 238 108 158 54 144 105 Net investment income 268 247 216 168 143 103 108 Other income 150 133 130 106 95 90 61 Pre-tax operating income 343 618 453 431 292 337 274 Net realized gain on security sales (20) 3 23 (1) 20 7 0 Income tax 123 293 208 157 116 112 97 Net income 200 328 267 273 196 231 177 Loss ratioe Expense ratio Combined ratiog 75% 68% 71% 70% 72% 64% 62% 24% 25% 23% 23% 25% 26% 29% 99% 93% 95% 93% 96% 90% 91%