Progressive Corp. reported the insurer’s net income fell 27 percent over the first five months of this year, but dropped only 3 percent for the month of May as the firm’s Internet business soared.

The auto insurance underwriter reported net income over the first five months stood at $428 million, down $154 million from the same period last year. On a period-to-period basis for the month of May, net income dropped $2.3 million to $79 million.

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