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.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.