Progressive Insurance Corp. in January reported a declining rate of policies in force, reflecting challenging competitive conditions.
Bank of America property-casualty analyst Brian Meredith said that while top line and year-over-year PIF growth in personal lines “continued to be challenged by competitive conditions, underlying margins continue to be robust.”
On the positive side, Mr. Meredith said commercial net written premium was up 14 percent on a year-over-year basis while the comparable personal direct figure rose 6.8 percent.
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