Progressive Corp. says third-quarter net income fell 16 percent on another quarter of declining investment income.

The Mayfield Village, Ohio-based auto insurer reports third quarter net income of $232.4 million—down from $277 million a year ago during the same period.

Net realized gains on securities plummeted 84 percent to $27.9 million during the 2013 third quarter as investment income during the period fell to $107.9 million.

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