Auto insurer Progressive says October net income increased 47percent to $112.3 million compared to the same month lastyear.
|The Mayfield Village, Ohio-based insurer reports net premiumswritten and earned each increased 6 percent to about $1.66 billionand $1.67 billion, respectively.
|Policies in force from Progressive's direct channel improved 4percent to about 4.2 million compared to October 2012. Policies inforce in the agency channel remained flat at about 4.8million.
|October's combined ratio was 91.5—5 points better than the samemonth a year ago.
|Thus far this year net income at Progressive is about 34 percenthigher than last year at $977.9 million.
|Year-to-date net premiums written in the agency channel are up 6percent to $7.49 billion while NPW in the direct channel are up 7percent to $5.91 billion over the same time, compared to lastyear.
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