Progressive Posts Strong May Figures

Mayfield Village, Ohio-based vehicle insurer Progressive Corp. against posted strong monthly results, reporting double-digit percentage increases in net premiums written and earned as well as net income for May 2004 when compared with a year ago.

The company, which says it is the third-largest auto insurer in the country, also reported an improvement of 1.7 points in its combined ratio for the month, down to 88.3 from 86.6 in May 2003.

Net premiums written were up 16 percent to $1.05 billion from last year’s $910.9 million. Net premiums earned went up to $998.2 million, a 17 percent increase over last year’s $853.9 million. Net income, meanwhile, was up to $109 million for the month, a 14 percent jump compared to May 2003’s $95.2 million figure.