Progressive Corp. reported that August net income compared with that period last year was down 37 percent after a decrease in net premiums written and net premiums earned.
The nation's third-largest auto insurer, based in Mayfield Village, Ohio, said for the month it earned $76.9 million, or 11 cents a share, compared with $122.7 million, or 16 cents a share, last year.
Net premiums written–or gross premiums written minus any reinsurance transactions as well as commissions and brokers' fee paid out–fell 4.3 percent to $1.05 billion.
Net premiums earned decreased 2.5 percent to $1.06 billion.
The company registered a 1 percent gain for policies in force, which increased to 7 million from 6.9 million.
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