Dico Is a Terrific Business and Progressive Is an Excellent Business

We grew in the first quarter about 340,000 policies net which will look quite good compared to anybody but progressive and that was quite a bit more than last year. The combined race the profit margin was in the nine-point area so I feel extremely good about Dico. We don't honor any progressive but I think that progressive is an excellent company and we will watch what they do  five years from now or ten years from now which one of us passes State Farm first Charlie oh and Gee would you like well the underwriting profit is really a function of two major variables one is the expense ratio and the other is the loss ratio without getting too technical Geico has a significant advantage