Progressive April Net Income More Than Doubles

Progressive Corp. says April net income skyrocketed 128 percent to $139.5 million.

The Mayfield Village, Ohio-based auto insurer says April 2012 net income was $61.2 million

Progressive says it incurred about $33 million in catastrophe losses during April due mostly to storms in the Midwest and South. A year ago during the same month, the insurer booked $46 million in catastrophe losses.

Catastrophe losses thus far this year total about $79 million, Progressive adds. To date, net income is $48.1 million, up 44 percent compared to last year.

The combined ratio for April improved to 91.3 from 95.1 a year ago during the same 30-day period.

Progressive posted pretax net realized gains on securities of $46.2 million, reversing a $7.9 million loss during April last year.

Net premiums written and net premiums earned were both up 7 percent in April to about $1.78 billion and $1.64 billion, respectively. Premiums written and earned are up 7 percent and 8 percent, respectively, thus far in 2013.

Policies-in-force from Progressive agents for April remained flat compared to April 2012. Direct policies-in-force during April increased 2 percent.