Progressive Corp. said today its July earnings rose 3 percent, posting net income of $149 million compared with $144 million in the year-ago period.

Net premiums written rose 2 percent to $1.43 billion, while the combined ratio fell slightly to 86.6 from 86.9 in July 2005.

Bear Stearns analyst David Small said in a note to investors the results continued to show strong underlying profitability while top-line growth remained sluggish.

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.