Mayfield Village, Ohio-based personal lines insurer Progressive Corp. reported yesterday that net income dropped 20 percent for the month of April as year-to-date results showed a 30 percent decline over four months.
Progressive reported net income for April at $109 million was off by $28 million compared to the same period last year, resulting in a 2 cent drop per share to 16 cents. The results reflected a 2 percent drop in net premium written of $23 million to $1.4 billion. The combined ratio deteriorated 2.9 points to 91.7.
The underwriter of automobile and other vehicles offered no commentary on the results.
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