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.
Was this article valuable?
Here are more articles you may enjoy.
Florida Court Says 2020 Law Gives ‘Very Broad’ Liability Immunity to Rideshare Firms 
US P/C Insurers Post Biggest Q1 Underwriting Profit in 25 Years 
Insurance Mogul Lindberg Gets 12 Years for $2 Billion Fraud 
Texans Hate Data Centers So Much They Are Asking Jesus for Help 
