Progressive Insurance Company reported virtually flat earnings for the month of May compared to last year, while premium grew 3 percent. The Mayfield, Ohio-based company reported net income in May of $125.8 million.
Net premium earned came in at $1.10 billion, compared to $1.06 billion for May of 2005. The combined ratio increased .9 points to 86.7.
Bear Stearns analyst David Small said the results were "marginally better than we expected."
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