Auto insurer Progressive Corp. said today that its net income for August was down 43 percent and it expects losses of $119.5 million related to Hurricane Katrina.

The company said that net income declined by $43.5 million to $56.8 million (29 cents a share), compared with last August's results. It said net premiums written in August were basically flat at $1.09 billion.

The combined ratio for the period, Progressive reported, worsened by 7.1 points, rising to 96.3.

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