Progressive Corp. says first-quarter net income increased 20 percent despite a slight drop in net income in March, compared to a year ago.
Progressive reports first quarter net income of $308.6 million compared to $257.6 during the same period in 2012. For March, net income was down to $74.2 million from $76.3 million in March 2012.
The Mayfield Village, Ohio-based auto insurer says it incurred $30 million in catastrophe losses in March from hailstorms—almost exclusively in Mississippi and Georgia.
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