NU Online News Service, Jan. 21, 11:55 a.m. EST
Progressive reported a 5 percent dip in net income for the month of December and a 2 percent drop for the fourth quarter, but net income managed a 1 percent gain for all of 2010, the Mayfield Village, Ohio-based insurer reported.
Progressive reported December net income of $113 million, down $5.5 million from $118 million reported in December 2009. That translated into a 1 cent drop per share to 17 cents a share for the month. Net written premiums during the month dropped 20 percent, or $227 million, to $929 million. The combined ratio rose 1.3 points to 92.2.
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