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Progressive's April net income rises 7 percent

 

Thursday, May 14,2009, 12:07:40 PM   Click:

MAYFIELD VILLAGE, Ohio_Auto insurer Progressive Corp. said Wednesday that its April net income increased 7 percent year-over-year.

Net income rose to $116.2 million, or 17 cents per share, from $108.9 million, or 16 cents per share, in April 2008.

Net premiums written were essentially flat at $1.41 billion.

Progressive also reported a pretax net realized gain on securities of $2.6 million, down 84 percent from the year-earlier period.

The company's combined ratio fell 2.5 points to 89.2. Combined ratio measures the amount an insurer pays out in claims and other expenses compared with how much it earns from writing insurance policies. A ratio above 100 means the insurer is paying out more in claims and expenses than it takes in from writing policies.

Shares added 20 cents to $15.65 in afternoon trading.


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