Progressive Insurance Co. reported net income continued to drop on a month-to-month basis, but the results were better than expected, according to one analyst.

The Mayfield Village, Ohio-based insurer said net income for the month of March dropped 46 percent, or $60 million, to $71 million over the comparative period. Earnings per share were off 7 cents to 11 cents a share.

The company also reported net premiums written were down 2 percent, or $20 million, to $1.12 billion.

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