NU Online News Service, May 18, 1:12 p.m. EDT
Progressive Corp. says its April net income increased 6 percent compared to the same month a year ago.
Net income was $118 million for April 2011, an increase from $111.1 million in April 2010.
The Mayfield Village, Ohio-based auto insurer says it overcame nearly $55 million in catastrophe losses during April primarily in Alabama, Kansas, North Carolina, Tennessee and Texas. The losses added 3.8 points to the month’s combined ratio of 91.4. The ratio was 90.7 last April.
Investment gains for the month of April more than tripled to $24.6 million from $8 million during the same month a year ago.
The company’s commercial spokesperson, “Flo,” appears to have staying power, as direct sales of auto insurance jumped 9 percent when comparing the month of April this year to last year. Sales of policies by Progressive’s agency force were also up 4 percent.
Total commercial auto policies in April were down 2 percent compared to 2010.
Overall net premiums written in April rose to $1.54 billion, a 5 percent increase over last year.
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