NU Online News Service, May 19, 1:40 p.m. EDT
Auto insurer Progressive reported April net income slipped 4 percent as its combined ratio climbed 1.5 points.
The Mayfield Village, Ohio-based insurer said net income was off $5 million, slipping to $111 million compared to the same month last year.
Progressive said its combined ratio in April rose 1.5 points from last year to 90.7.
Net premium earned rose 4 percent, or $52 million, to $1.37 billion, Progressive said.
The company reported that policies in force for its personal lines business rose 6 percent, or 633 policies, to 11.4 million.
Commercial auto dropped 3 percent, or 15,000 policies, to 517,000, the insurer said.
On a year-to-date basis, Progressive reported net income is up 17 percent, or $58 million, to $407 million. The combined ratio stands at 90.9.
The company offered no commentary on its results.
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