Progressive Posts 12% Drop in Net Income in July
Progressive reported net premiums written of $7.44 billion for July, up 5% year over year, but net income fell 12% to $961 million and EPS fell 11%. The combined ratio rose to 86.8, up 1.5 points, with a $47 million pretax net realized securities loss contributing to the decline. Policies in force reached 40.3 million, up 7%.