Auto insurance group Progressive Corp. (PGR) on Wednesday reported a 13 percent increase in profit for the month of November from last year, reflecting an increase in net premiums as well as higher investment gains from securities.
The Mayfield Village, Ohio-based holding company reported net income of $124.7 million or $0.20 per share for the month of November, higher than $109.9 million or $0.17 per share in the prior-year period.
The latest months results include pretax net realized gain on securities of $42.1 million, compared a net realized gain of $29.4 million in the same period last year.
Total revenues for the month were $1.25 billion. Net premiums written rose 6 percent from the year-ago period to $1.07 billion, and net premiums earned also grew 4 percent to $1.16 billion.
Combined ratio for the month, or the amount of premiums paid as claims, edged down 0.6 percentage points to 90.1 percent from 90.7 percent in the same period last year.
For November, the company's total personal lines policies in force increased 5 percent to 12.31 million. Of this, total personal auto policies grew 5 percent to 8.50 million, with a 4 percent rise in Agency - Auto policies and 7 percent growth in Direct - Auto policies. Total special lines policies for the month grew 5 percent from last year to 3.81 million.
Meanwhile, total commercial auto policies in the month declined 1 percent to 511,400.
PGR closed Tuesday's regular trading session at $17.99, down $0.16 on a volume of 6.33 million shares.
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