Progressive Corp. says its November 2012 net income declined 38 percent relative to the same month a year ago to $77.7 million, despite net premiums written increasing by 5 percent.
Progressive's combined ratio increased to 93.6 for the month compared to 90.1 a year ago.
The company saw growth in both personal lines and commercial auto business. In its personal-auto segment, Progressive reports 3 percent growth in agency policies and 4 percent growth in direct-written policies. Personal lines as a whole grew 4 percent in the month compared to November 2011, while commercial auto grew 2 percent.
Year-to-date, Progressive reports a 14 percent decline in net income compared to the same period last year. Net income stands at $807.2 million as of November. While revenues in the period have grown 8 percent, to $15.5 billion, expenses have increased 10 percent to $14.3 billion. Loss and loss-adjustment expenses have increased 12 percent in the period to $11 billion.
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