Progressive First-Quarter Profit Up 58%
NU Online News Service, April 16, 11:16 a.m. EDT?Progressive Corp. said higher premium rates had boosted first-quarter net income by 58 percent to $460 million, compared with $291.5 million reported one year ago.[@@]
The Mayfield Village, Ohio-based auto insurer saw its net premiums written rise 14 percent for the quarter?to $3.277 billion compared with $2.879 billion during the period one year ago. In the 2004 first quarter, the insurer reported an 83.2 combined ratio.
The company's investment income was down slightly to $114.9 million from $116 million posted one year ago.
Progressive, a major provider of nonstandard, high-risk personal auto insurance, markets directly to consumers via its Web site and toll-free telephone number and through 30,000 independent agents in the country.
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