Auto insurer Progressive says October net income increased 47 percent to $112.3 million compared to the same month last year.
The Mayfield Village, Ohio-based insurer reports net premiums written and earned each increased 6 percent to about $1.66 billion and $1.67 billion, respectively.
Policies in force from Progressive's direct channel improved 4 percent to about 4.2 million compared to October 2012. Policies in force in the agency channel remained flat at about 4.8 million.
October's combined ratio was 91.5—5 points better than the same month a year ago.
Thus far this year net income at Progressive is about 34 percent higher than last year at $977.9 million.
Year-to-date net premiums written in the agency channel are up 6 percent to $7.49 billion while NPW in the direct channel are up 7 percent to $5.91 billion over the same time, compared to last year.
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