Progressive Corp. reported net income for the month of October dropped 28 percent as its combined ratio increased 4.3 points.
The Mayfield Village, Ohio-based auto insurer reported October net income dropped $30 million to $77 million compared to the same period last year.
Net premium written rose 3 percent, or $35 million, to $1.34 billion for October.
The company's combined ratio for the month rose to 95.9 as the company reported it incurred about $31 million in catastrophe losses, or 2.2 points combined ratio, compared to $3 million, or 0.2 points last year. Progressive said the losses were primarily from a severe hail storm in Arizona earlier in the month.
On a year to date basis, the company said revenues increased 4 percent, or $532 million, to $12.6 billion. Net income is down 2 percent, or about $14 million, to $846 million.
Progressive said the number of policies in force from its direct auto business rose 14 percent, or 447,000 policies, to 3.6 million. Its agency business policies in force figures rose 4 percent, or 171,000 policies, to 4.5 million.
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