NU Online News Service, June 16, 11:00 a.m. EDT
Catastrophe losses of $26.6 million during May contributed to a 19 percent drop in net income for auto insurer Progressive Corp.
Net income was $44.2 million in May 2010 compared to $54.6 million during the month a year ago. The catastrophe losses were due to storms in Oklahoma, Nebraska, Wyoming and Texas, Progressive said.
Last year in May, the Mayfield Village, Ohio-based insurer reported $4.4 million in catastrophe losses.
The company's combined ratio was 95.6 in May compared to 95.3 in May last year. Losses from catastrophes added 2.4 points to the combined ratio, Progressive said.
Overall net income for Progressive this year stands at $450.9 million, a 12 percent improvement from results reported at this time in 2009.
The insurer in April said net income slipped 4 percent for that month compared to April 2009.
In May, premiums written went up 5 percent to $1.11 billion compared to May 2009. Net premiums earned increased in May at the same rate.
Policies in force for personal lines rose 6 percent to 11.5 million, but policies in force for commercial lines decreased 2 percent in May to about 519, 000.
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