NU Online News Service
Auto insurer Progressive reported April net income slipped four 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 four percent, or $52 million, to $1.37 billion, Progressive said.
The company reported that policies in force for its personal lines business rose six 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.
To learn more baout how Progressiv handles the issue of channel management, click on this Tech Decisions article.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
