Progressive reported a $123 million net loss for December that included $337 million in write-downs for the period, the Mayfield Village, Ohio-based personal lines insurer reported today.
Progressive said it took the write-downs on securities "determined to have had other-than-temporary declines in market value. The company said 85 percent of the write-downs were on securities held in its insurance subsidiaries and $156 million was in redeemable preferred stocks that were initially written down in the third quarter of last year.
For the month of December, net loss stood at $123 million compared to net income of $68 million for the same period in 2007.
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