Progressive Posts Higher Profit

NU Online News Service, Oct. 23, 12:15 p.m. EDT?The Progressive Corporation reported third-quarter net income of $319.8 million?a 79 percent increase from the $178.5 million profit posted one year ago?thanks to increased premium rates from last year, management said.

The Mayfield Village, Ohio-based insurer's net premiums written improved in its latest quarter to reach $3.10 billion, up 25 percent from the year-ago period. Net premiums earned also rose to $2.93 billion, a 36 percent jump from the 2002 third quarter.

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