Auto insurer Progressive continued to show declining results as it reported its combined ratio deteriorated by more than five points for the month of February and net income dropped 51 percent over the comparable period.

The Mayfield Village, Ohio-based underwriter reported net income dropped $49 million to $46 million for the month of February. Net written premiums were down 5 percent for the month, or $137 million, to $2.4 billion. Revenues decreased 3 percent, or $70 million, to $2.34 billion.

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