Progressive reported new income dropped 19 percent for the month of January over the same period last year as net premium written dropped 4 percent.
The Mayfield, Ohio-based auto insurer reported net income dropped $24 million from $122 million last year to $98 million this year. Net premiums written dropped 4 percent, from $1.27 billion to $1.22 billion.
However, the combined ratio improved by 4.3 points to 89.
Progressive reported that net premium written in its direct business grew 4 percent, while its agency business decreased by 6 percent and commercial auto fell 16 percent.
The company said it reported lower investment income for the month as it reduced its risk in its portfolio by investing new cash and proceeds from security sales into U.S. Treasuries and short-term instruments.
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