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Progressive 2008-2Q
The Progressive Corporation reported its second quarter 2008 financial results. Net premiums written declined 3% from the second quarter of 2007 to $7 billion. Net income was $450 million, down from $650 million in the prior year's second quarter. The combined ratio was 93.6%, reflecting strong underwriting profits but higher than the company's target of 96. Weather-related catastrophes including flooding in the Midwest contributed to losses and a higher combined ratio for the quarter.
