NU Online News Service, March 14, 1:31 p.m. EST
Progressive Corp. says its net income in February is down 7 percent compared to the same month last year.
The automobile insurer reports total unfavorable development on prior accident years of $12 million in February.
The combined ratio for the month was 91.2, up 1.8 points compared to February 2010.
To date, net income at the Mayfield Village, Ohio-based automobile insurer is down 20 percent compared to last year, to $181.3 million.
Total net realized gains on securities for the year thus far was $41.3 million, down 26 percent from a year ago.
Comparing February 2012 to February 2011, direct-driven policies-in-force increased 7 percent while agency-driven policies were up 5 percent.
Total policies-in-force in personal lines was up 6 percent, while commercial was up 1 percent.
For the month, net premiums written were up 6 percent to about $1.38 billion.
The company had no additional commentary on February results.
