Mayfield, Ohio-based Progressive Insurance Company reported this year's first-quarter net income dropped 17 percent compared with the 2006 period.

The company posted first-quarter net income of $363 million, compared with $436 million last year.

Bear Stearns analyst David Small said “the report should quell investor fears somewhat that the 'sky is falling' in the personal auto segment as accident-year profitability was solid.”

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