Mayfield Village, Ohio-based auto insurer Progressive is continuing to lower prices in pursuit of growth in the market, an analyst noted yesterday after the company reported net income in July dropped 22 percent.
Net income dropped $30 million in July to $119 million on net premium written of $1.39 billion, a drop of 3 percent or $38 million compared with last year.
David Small, an analyst with Bear Stearns, wrote that this was the 14th month in a row that premiums declined in the company's agency business.
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