Progressive Sees Strong Growth in 2Q, but Underwriting Profits Slip
Progressive's second-quarter results were a mixed bag. On the positive side, the company saw strong top-line growth, with personal auto insurance policies in force up 8% year over year. Progressive continues to see strong growth in the direct channel, but growth also picked in the agent channel, as its ability to now bundle homeowners insurance through the ARX acquisition last year is presumably paying some dividends. However, this growth appears to be coming at the cost of lower underwriting ma...Progressive is an insurance holding company. The company's insurance subsidiaries and affiliates provide personal and commercial auto insurance, personal residential property insurance, and other insurance and related services. The company's Personal Lines segment writes insurance for personal autos and recreational and other vehicles. The Commercial Lines segment writes auto-related primary liability and physical damage insurance, and business-related general liability and property insurance, each predominately for small businesses. The company focuses on property insurance for homes, condos, manufactured homes, and renters, as well as personal umbrella insurance and primary and excess flood insurance.
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