NU Online News Service, Oct. 12, 2:45 p.m. EDT
Mayfield Village, Ohio-based auto insurer Progressive reports net income for September was down 6 percent and down 42 percent for the quarter compared to the previous year.
The company issued its September results saying net income dropped $5 million from the same period last year to $77 million. Net premium written rose $21 million to $1.17 billion for the month. Earnings per share were flat at 12-cents.
The company's combined ratio dropped 1.5 points to 92.4 for the month.
The company notes that its personal lines auto business rose 5 percent, or 557,000 policies, to 12.3 million policies in force.
Agency auto business increased 3 percent, or 145,200 polices, to 4.6 million policies in force. Direct auto business rose 7 percent, or 235,700 policies, to 3.8 million.
Commercial auto saw a drop of 1 percent, or 4,600 policies, to 513,800.
For the quarter, Progressive says net income dropped 42 percent, or $111 million, to $151 million. Net premiums written rose $156 million to $3.9 billion. Earnings per share dropped by 16-cents to 24-cents a share. The combined ratio rose 2.3 points to 95.2.
On a year-to-date basis, ending September of this year, Progressive says net income was down 1 percent, or $10 million, to $759 million. Net premiums written rose 4 percent, or $408 million, to $11.6 billion. Total revenues also are up 4 percent, or $456 million, to $11.6 billion.
The company issued no commentary on its results. It scheduled release of its quarterly results to shareholders for Nov. 8 along with a one-hour conference call.
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