Progressive Insurance Bhd was incorporated on June 8, 1974 and was initially knowns as Sri Bumi Insurance Sdn Bhd. On 7 December 1975, the name Sri Bumi Insurance Sdn Bhd was changed to Progressive Insurance Sdn Bhd. On May 30,1997 the company was converted into a Public Company and the name was changed to Progressive Insurance Bhd. The company's financial equity was significantly strengthened as well - first with Permodalan Bumiputra Sabah Berhad, a state-owned company, becoming a major shareholder in 1987 and then later with the Sabah State Government, in 1988 - 1989, becoming the controlling shareholder of the company. Progressive Insurance today is a stable and financially-sound entity. The 96% stake that the Sabah State Government and Permodalan Bumiputra Sabah Berhad jointly have in the company, plus its own steady growth over the years have helped realize this. With a total paid-up capital of RM100 million and a dynamic team of people behind it, Progressive Insurance stands ready to take full advantage of the growing potential of the vibrant Malaysian insurance industry.