Progressive’s January Down 8% From Year Ago

Mayfield Village, Ohio-based vehicle insurer Progressive Corp. saw net written premiums and net premiums earn up in January, but its profit margin was down 8 percent from January 2004.

The company, which says it sells more vehicle insurance through independent agents than any other carrier, reported $1.29 billion in net premiums written, up 13 percent from a year ago. Progressive also saw its net premiums earned rise 9 percent to $1.29 billion.

However, the company reported a combined ratio of 85, two points higher than a year ago. This may have contributed to the company’s lower profit falling by 8 percent to 149.8 million, compared to 162.3 million in January 2004.