Progressive January Profit Surges

(RTTNews) - Progressive Corp. (PGR) Wednesday reported 59 percent surge in January net income compared to the prior year period.

The insurance holding company, headquartered in Mayfield Village, Ohio, reported net income for January of $1.117 billion, compared to $701 million last year. On a per share, earnings were up 61 percent to $1.90 from $1.18.

Total revenues increased to $7.093 billion from $5.704 billion a year ago. Net premiusm written for the month was $6.481 billion, up 18 percent from $5.496 billion, while net premiums earned climbed 22 percent to $6.586 billion from $5.386 billion in the prior year.