July net income jumped 72 percent for auto insurer Progressive Corp.
Monthly profit was $101.5 million compared to $59 million during the same month a year ago.
Progressive reports net premiums written during July went up 5 percent to $1.73 billion and the combined ratio for the month improved 4.2 points to 92.7.
Policies acquired by agencies were down 1 percent to 4,840 while policies from direct distribution increased 3 percent to 4,141. Net premiums written are up 5 percent and 7 percent in agency and direct distribution channels, respectively.
The Mayfield Village, Ohio-based insurer offered no additional commentary about the month's financial results.
To date, net income at Progressive is up 69 percent to $734.7 million as net realized gains on securities were $225 million compared to 89.7 million a year ago.
Net premiums written are up 6 percent to $10.57 billion so far in 2013.
Earlier his month Progressive says second-quarter net income was $324.6 million, up 174 percent.
CEO Glenn Renwick says Progressive has had a hard time getting consumers to engage with the insurer's telematics product, Snapshot but the company will continue to try and get the message out to them.
Renwick says the struggle to inform and involve customers is “a battle worth winning.”
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