Progressive Profit Up, Helped By Rates
July 17– The Progressive Corporation reported second-quarter net income of $286.3 million–a 78 percent increase from the $160.4 million profit posted a year ago–thanks to increased premium rates and gains from securities.
The Mayfield Village, Ohio-based insurer's net premiums written also improved in the second quarter, to $3.0 billion, up 27 percent compared to one year ago. Net premiums earned increased to $2.8 billion, a 30 percent jump from the 2002 second quarter.
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