Progressive Corp. says its November 2012 net income declined 38 percent relative to the same month a year ago to $77.7 million, despite net premiums written increasing by 5 percent.
Progressive's combined ratio increased to 93.6 for the month compared to 90.1 a year ago.
The company saw growth in both personal lines and commercial auto business. In its personal-auto segment, Progressive reports 3 percent growth in agency policies and 4 percent growth in direct-written policies. Personal lines as a whole grew 4 percent in the month compared to November 2011, while commercial auto grew 2 percent.
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