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Letter to the Editor
Monday October 22
Progressive Q3 Earnings Drop 27 Percent
Auto insurer Progressive Corporation's fiscal third quarter earnings fell 27 percent from the year-ago quarter, as its net premiums written decreased and combined ratio increased. Progressive's quarterly earnings fell to $299.2 million, or 42 cents per share, from $409.6 million, or 53 cents per share, during the same quarter a year ago.Net premiums written in the third quarter fell three percent to $3.48 billion, from $3.58 billion during the same quarter in 2006.
Progressive's combined ratio increased to 93.7 percent from 87.3 percent. Combined ratio measures the percentage of each premium dollar the company spends on claims and expenses. A ratio of more than 100 means the insurer is spending more on claims and expenses that it receives from premiums.
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