Progressive, the Mayfield Village, Ohio-based auto insurer, said its net income for July declined by 31 percent, or $36.7 million, compared with July 2007.
Net income fell to $81.8 million from $118.6 million. The company said on a per share basis that net was down 26 percent, dropping from 16 cents per share to 12 cents a share.
Net premiums written were virtually unchanged at $1.38 billion.
Also for the month, combined ratio deteriorated by 1.5 points, rising to 92.8. This was an improvement over the second-quarter results when the company reported a "respectable" combined ratio of 93.6 for the quarter and a "continuation of slower growth than we desire..."
During the second quarter as a result of severe flooding by the Mississippi River, Progressive said it deployed its catastrophe response team on 19 separate occasions--a new annual record for such activity.
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