Insurer Progressive’s property business propelled the company to profitability in the month of April as policies in force jumped 19% from the same period last year.
The company, whose traditional forte is motor insurance, posted 6% growth in its personal lines. It wrote more than 15 million policies in April 2017, compared with 14.3 million in the same period last year.
Also, according to results published on Nasdaq, personal auto policies in force also rose 8% to 10.9 million in the fourth month of this year, compared with 10.1 million in the same period last year.
Fundamentals also proved strong as the company saw net premiums written jump 16% in the comparable periods.
Net income also posted a 261% climb month on month as shares went up to 34 centavos this April from .09 centavos in the same period last year.
Recent data from the National Association of Insurance Commissioners ranked the firm as the sixth leading auto insurer in the country. The association monitors 98% of property and casualty claims made across the country. Its rankings are considered an industry benchmark.
First quarter data also revealed healthy fundamentals for the company, which has been able to counter auto insurance industry doldrums that have resulted from mounting claims costs, largely due to an uptrend in distracted driving accidents.
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