Progressive's Quarterly Profit Up 16 Percent
NU Online News Service, Jan. 20, 3:48 p.m. EST?Mayfield Village, Ohio-based auto insurer Progressive Corp. reported a 16 percent rise in its fourth-quarter net profit compared to the period one-year ago.[@@]
The company said its fourth-quarter net income was $413.5 million, improving from $357.8 million reported during the year-ago period. Net premiums written rose 15 percent for the quarter, to $3.35 billion from $2.91 billion reported one year ago.
The combined ratio for the quarter also improved slightly, to 85.5 compared to 85.9 during the year-ago period.
Meanwhile, it has been reported that Progressive Corp.'s chairman and philanthropist Peter Lewis has resigned as chairman of New York's Solomon R. Guggenheim Museum in a dispute over its spending and management's focus on international expansion. Mr. Lewis, who has been a museum trustee since 1993, over the years has donated $77 million to the institution.
The Progressive group of insurance companies ranks third in the country for auto insurance based on premiums written. The insurer offers its products by a toll-free phone number and online at Progressive.com, as well as through more than 30,000 independent insurance agents and brokers.
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