WASHINGTON (dpa-AFX) - Property and casualty insurance provider Progressive Corp. (PGR), Wednesday reported higher net income for the month of January, helped by higher earned premiums.
For January, the firm reported net income of $134.2 million, up 79 percent from $75 million for the corresponding prior-year period. On a per share basis, earnings totaled $0.22 versus $0.12 last year.
Net premiums earned rose 9 percent to $1.589 billion from $1.463 billion a year back. Net premiums written shot up 5 percent for the month to $1.537 billion from $1.458 billion a year before.
Combined ratio for the period fell to 91.1 from 94.9 last year.
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