NU Online News Service, Jan. 19, 3:06 p.m. EST
Progressive Corp. reports a 14 percent decrease in 2011 fourth-quarter net income and a 32 percent drop in December, compared to the same periods the year prior.
The Mayfield Village, Ohio-based automobile insurer says its December income was down to $76.3 million from $112.8 the prior year.
Net income for the last quarter of 2011 fell to $256.7 million from $299.2 during the 2010 fourth quarter.
For the year, net income was down 5 percent to about $1.02 billion.
For the month of December, Progressive reports a net loss of $23.1 million on securities, compared to a net gain of 22.9 in December 2010.
Securities dragged down Progressive's results for the year also. The company reports a net loss on securities of $84.5 million for 2011 compared to a gain of $337.1 million the prior year.
Net premiums written increased 5 percent for 2011 and 9 percent for the month of December.
Net premiums earned for the year and month of December increased 4 percent and 5 percent, respectively.
Progressive reports a combined ratio of 91.2 for December—a slight improvement from 92.2 during the same month in 2010.
Comparing December 2011 to December 2010, direct-driven policies-in-force increased 6 percent while agency-driven policies were up 4 percent.
Commercial auto policies-in-force were basically flat.
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