NU Online News Service, Nov. 17, 3:08 p.m. EST
Progressive today reports its net income for October is $55.7 million compared to $76.5 million in October 2010, down 27 percent.
Net income to date is 814.5 million compared to $845.6 million in 2010, down 4 percent.
Progressive says its October combined ratio is 96.7 percent compared to 95.9 percent in October 2010.
The company says its net premiums written for October are $1.45 billion compared to $1.33 billion in 2010. Investment
Progressive also reports 12.3 million personal lines policies in force compared to 11.73 million in 2010, up 5 percent; and 512,900 commercial auto policies in place compared to 516,200 in 2010, down 1 percent.
In its October commentary the company says its written-premium growth rates partially reflect “the variability in disclosing monthly results. For example, Oct. 1, which tends to be a higher volume premium day, falls in fiscal October 2011 vs. fiscal September 2010, resulting in a favorable effect on the reported written premium growth rates for the month. As a result, it may be more meaningful to analyze written premium growth on a trailing 3-month basis.”
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