The Progressive Corp. reports a 51 percent drop in August 2013 net income compared to the same month a year ago due to an 89 percent in net realized gains on securities.
Net premiums written for the month increased by 6 percent to just under $1.4 billion compared to August 2012.
Total personal-lines policies in force increased 1 percent to just over 13 million, compared to 12.9 million a year ago. This total includes 1 percent gains in both personal auto and special lines policies in force. Breaking down the personal auto figure, direct policies in force increased by 3 percent, while agency policies decreased by 1 percent.
Commercial-lines policies in force were essentially flat at 525,800, compared to 527,100 a year ago.
Progressive's August combined ratio improved to 95.4 for the month, compared to 96.5 in August 2012.
The insurer's net income for the month was $69.1 million, compared to $141.5 million a year ago. Progressive reports total pretax net-realized gains on securities of $16.2 million, compared to $141.9 million in August 2013.
Progressive's year-to-date net income is $803.8 million, a 39 percent increase compared to $576.7 million in net income for the same period last year.
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