Progressive February Net Income Down 7%

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.

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