Progressive Inc., Mayfield Village, Ohio, reported a third-quarter earnings decline of 21 percent over last year.
The company reported net income of $305.3 million compared to $389 million for the third quarter of 2004, or $1.55 per share compared with $1.77 for last year's third quarter.
But Lehman Brothers analyst Jay Gelb noted that when the catastrophe costs--which included $185.5 million for Hurricanes Katrina and Rita--were factored out, the earnings per share rose to $2.16.
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