NU Online News Service, Dec. 14, 3:00 p.m. EST
Progressive Corp. says net income for the month of November shot up 13 percent to $124.7 million.
The Mayfield Village, Ohio-based automobile insurer recorded net income of $109.9 million during November a year ago.
Results follow a 27 percent decline in October net income when compared to the same month in 2010.
For the year through November, net income at Progressive is down 2 percent to $939.2 million, compared to last year, the company says.
Net premiums written increased 6 percent during November and the insurer's combined ratio during the month improved slightly to 90.1 from 90.7 during the same time a year ago.
Looking at policies-in-force, direct distribution saw a 7 percent rise in November. Agency-driven policies in November were up 4 percent versus November 2010.
Net premiums written in the insurer's commercial auto segment increased 13 percent to $108.8 million.
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