Progressive First-Quarter Profit Up 58%
NU Online News Service, April 16, 11:16 a.m. EDT?Progressive Corp. said higher premium rates had boosted first-quarter net income by 58 percent to $460 million, compared with $291.5 million reported one year ago.[@@]
The Mayfield Village, Ohio-based auto insurer saw its net premiums written rise 14 percent for the quarter?to $3.277 billion compared with $2.879 billion during the period one year ago. In the 2004 first quarter, the insurer reported an 83.2 combined ratio.
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