Auto insurer Progressive Corp. said today that its net incomefor August was down 43 percent and it expects losses of $119.5million 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'sresults. It said net premiums written in August were basically flatat $1.09 billion.
The combined ratio for the period, Progressive reported,worsened by 7.1 points, rising to 96.3.
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