Progressive announced net income was off 41 percent for the fourth quarter and down 51 percent in the month of December.

In a brief report yesterday, the company issued its monthly financial update, indicating it continues to be in a down cycle with increased losses over the previous year.

Net income for the month of December dropped $71 million to $68 million with net premium written falling 1 percent, or $9 million, to $910 million. Net income per share was down 8 cent to 10 cents a share.

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