NU Online News Service, Dec. 20, 3:57 p.m. EST
Progressive reported a November turnaround as net income rose 37 percent in the month after taking a 28 percent drop in October.
The Mayfield Village, Ohio-based auto insurer reported net income rose $30 million to $110 million compared to November 2009. The company also reported a combined ratio of 90.7, a 1.5-point drop from last year.
Both Progressive's agency auto and direct auto business reported gains.
Policies in force for agency auto rose 4 percent, or 166,000 policies, to 4.5 million. Direct auto business rose 13 percent, or 425,000 policies, to 3.6 million policies in force.
Total personal lines policies, which include special lines, rose 7 percent, or 759,000 policies to 11.7 million.
Revenues during the period grew 7 percent, or $70 million, to more than $1 billion.
In October, net income dropped 28 percent, or $30 million, from the previous year to $77 million.
The company offered no commentary for this month's results.
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