July net income jumped 72 percent for auto insurer ProgressiveCorp.
|Monthly profit was $101.5 million compared to $59 million duringthe same month a year ago.
|Progressive reports net premiums written during July went up 5percent to $1.73 billion and the combined ratio for the monthimproved 4.2 points to 92.7.
|Policies acquired by agencies were down 1 percent to 4,840 whilepolicies from direct distribution increased 3 percent to 4,141. Netpremiums written are up 5 percent and 7 percent in agencyand direct distribution channels, respectively.
|The Mayfield Village, Ohio-based insurer offered no additionalcommentary about the month's financial results.
|To date, net income at Progressive is up 69 percent to $734.7million as net realized gains on securities were $225 millioncompared to 89.7 million a year ago.
|Net premiums written are up 6 percent to $10.57 billion so farin 2013.
|Earlier his month Progressive says second-quarter net income was$324.6 million, up 174 percent.
|CEO Glenn Renwick says Progressive has had a hard time gettingconsumers to engage with the insurer's telematics product, Snapshotbut the company will continue to try and get the message out tothem.
|Renwick says the struggle to inform and involve customers is “abattle worth winning.”
|READ: Progressive Struggles to Find Right Message on Snapshot, butRemains Committed to Product
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:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
