Progressive Corp. said today its July earnings rose 3 percent, posting net income of $149 million compared with $144 million in the year-ago period.
Net premiums written rose 2 percent to $1.43 billion, while the combined ratio fell slightly to 86.6 from 86.9 in July 2005.
Bear Stearns analyst David Small said in a note to investors the results continued to show strong underlying profitability while top-line growth remained sluggish.
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