Progressive income falls by half despite premium growth

Profits at US motor insurance firm Progressive fell by 50 percent in March this year, compared to March 2015.

The firm reported a net income of $60.8 million this March, compared with $120.7 million in March of the previous year.

Despite this loss in net income, the firm’s net written premiums increased by 16 percent this year, up to $1.9 billion, compared to $1.6 billion in 2015. The firm also posted a rise in policies for all areas of its business during the year.

Progressive’s combined ratio suffered however, rising to 97.6 this year, compared with 90 last year.

In April last year, Progressive acquired a controlling interest in ARX Holding (ARX), parent company of American Strategic Insurance Corp and other subsidiaries (ASI).