The Progressive Corporation reported a 32 percent decline in the auto insurer's net income for the fourth quarter of last year.
The Mayfield, Ohio-based carrier reported $281.6 million in net income for the quarter, compared with $413.5 million for the same period last year.
The combined ratio also rose 5 points, with the company posting 90.7 for the fourth quarter last year compared to 85.5 for the 2004 period.
The company reported additional losses for Hurricanes Katrina and Wilma in the fourth quarter of $2.5 million and $6.8 million, respectively, bringing the total losses for these two storms to $191.1 million and $83.4 million.
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