Auto insurer Progressive continued to show declining results as it reported its combined ratio deteriorated by more than five points for the month of February and net income dropped 51 percent over the comparable period.
The Mayfield Village, Ohio-based underwriter reported net income dropped $49 million to $46 million for the month of February. Net written premiums were down 5 percent for the month, or $137 million, to $2.4 billion. Revenues decreased 3 percent, or $70 million, to $2.34 billion.
The company's combined ratio rose 5.4 points to 98.2.
In its commentary, the company said its results were impacted by “higher than expected increases in our bodily injury severity for prior years.” This includes large losses in both the personal and commercial auto products.
In an analyst's note, Bear Stearns' David Small said February results were disappointing. He said there continues to be problems in the independent agent line of the business that showed continued deterioration in premium written.
Part of the problem may be the company's lower commissions that may be hindering production, he added.
Progressive also announced it named Susan Patricia Griffith, 43, as its claims group president. She was chief human resource officer in charge of all human resources systems, policies and practices for the corporation. She joined Progressive in 1988 and has served in a series of management positions throughout her career.
Ms. Griffith replaces Brian J. Passell, who was separated from the company on Feb. 10.
The company is searching for a replacement for Ms. Griffith in the human resources position.
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