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.

For the first four months of this year, the company said net income fell by $152 million to $348 million, translating into a 16 cent drop in net income per share to 51 cents. Total revenues during the period were off 3 percent, or $137 million, to $4.96 billion. The company's combined ratio stands at 93.8 to date.

As of April 30 the company recorded a loss of $5.2 million from hybrid securities it holds.

In terms of net premium written, the company's direct business showed 2 percent growth to $446 million in April, while its agency business declined 3 percent to $761 million. For the four months, direct business is flat at $1.6 billion, while agency business is down 5 percent to $2.6 billion.

Special Reports /

Progressive Results Continue Downward Trend

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