Progressive Corp. says first-quarter net income increased 20 percent despite a slight drop in net income in March, compared to a year ago.
Progressive reports first quarter net income of $308.6 million compared to $257.6 during the same period in 2012. For March, net income was down to $74.2 million from $76.3 million in March 2012.
The Mayfield Village, Ohio-based auto insurer says it incurred $30 million in catastrophe losses in March from hailstorms—almost exclusively in Mississippi and Georgia.
The insurer adds that it experienced unfavorable prior-year development in personal and commercial auto during March.
Catastrophe losses were $46 million for the first quarter, Progressive says.
However, net premiums written and earned increased 7 percent and 8 percent, respectively, during the first quarter when compared to the same three months in 2012.
The combined ratio for the first quarter was 92.4, compared to 94.1 a year ago. For the last month of the quarter—despite the catastrophe losses—the combined ratio improved to 94.9 compared to 96 for March 2012.
Policies-in-force from agencies for March remained relatively flat from March 2012. Direct policies-in-force during March increased 3 percent.
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