The Progressive Corporation reported a 32 percent decline in the auto insurer's net income for the fourth quarter of last year.
The Mayfield, Ohio-based carrier reported $281.6 million in net income for the quarter, compared with $413.5 million for the same period last year.
The combined ratio also rose 5 points, with the company posting 90.7 for the fourth quarter last year compared to 85.5 for the 2004 period.
The company reported additional losses for Hurricanes Katrina and Wilma in the fourth quarter of $2.5 million and $6.8 million, respectively, bringing the total losses for these two storms to $191.1 million and $83.4 million.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
