NU Online News Service, April 14, 1:44 p.m. EST
Progressive's fictional commercial saleswoman "Flo" appears to be doing a nice job.
According to the personal and commercial insurer's results for March, direct sales of auto policies were up 10 percent compared to the same month last year. Agency-generated auto policies were up 4 percent.
First quarter profit for the Mayfield Village, Ohio-based insurer jumped 23 percent to $362.9 million, compared to the first quarter in 2010.
In addition to improved sales, Progressive reported a 224 percent increase in net realized gains on securities during the first quarter.
Overall sales of personal lines auto policies were up 6 percent in March. Commercial policies were down 1 percent.
Net written premiums were up 3 percent to $3.9 billion for the first quarter compared to the same period a year ago. Net premiums earned were up 5 percent.
The company's first-quarter combined ratio improved slightly to 90.3 from 90.9 last year.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.