Progressive Corporation reported profit for the first quarter of 2001, reversing a year-ago loss for the Ohio-based company as it nudged insurance premiums up and held down the cost of claims. Progressive’s operating profits, excluding one-time items, rose to $88.3 million (or $1.18 per share). This is an improvement from a loss of $36.6 million for the same period a year ago. The company attributes last year’s heavy quarterly loss to a combination of storm damage and setting aside large reserves for old claims at a time of falling premium rates.
Topics Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
Business Interruption Claims Arising From the Middle East Conflict 
Florida Needs More – Much More – Wind Mitigation, Say Experts at OIR Summit 
How Niche Insurance Shielded Bad Bunny From Bad Weather 
Chubb Q1 Net Income Increases 74% on Fewer Catastrophe Losses From This Issue
