Progressive reported income dropped more than $900 million in the third quarter on more than $1 billion in investment losses, a result the Mayfield Village, Ohio-based company’s chief executive called “frustrating and troubling.”

In a letter to investors, part of its filing with the Securities and Exchange Commission, Glenn M. Renwick, president and chief executive officer, said, “Our net loss for the quarter was anything but acceptable, and a year-to-date net loss of $299.3 million is frustrating and troubling beyond my ability to articulate.”

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