NU Online News Service, Nov. 9, 10:52 a.m. EST

The Progressive Corp. said its 2010 third quarter net income dropped 3 percent, compared to the same period a year ago, to $261.6 million.

Glenn M. Renwick, president and chief executive officer of the auto insurer, told shareholders in a letter that the company is still seeing a drop in bodily injury severity and “manageable” trends in frequency.

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