Progressive Corp. reported that August net income compared with that period last year was down 37 percent after a decrease in net premiums written and net premiums earned.
The nation's third-largest auto insurer, based in Mayfield Village, Ohio, said for the month it earned $76.9 million, or 11 cents a share, compared with $122.7 million, or 16 cents a share, last year.
Net premiums written–or gross premiums written minus any reinsurance transactions as well as commissions and brokers' fee paid out–fell 4.3 percent to $1.05 billion.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.