Progressive Insurance Corp. in January reported a declining rateof policies in force, reflecting challenging competitiveconditions.
Bank of America property-casualty analyst Brian Meredith saidthat while top line and year-over-year PIF growth in personal lines“continued to be challenged by competitive conditions, underlyingmargins continue to be robust.”
On the positive side, Mr. Meredith said commercial net writtenpremium was up 14 percent on a year-over-year basis while thecomparable personal direct figure rose 6.8 percent.
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