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Progressive-3Q06QSR
- The Progressive Corporation reported financial results for the third quarter of 2006, with net income increasing 34% over the third quarter of 2005. - However, the CEO noted growth was lagging expectations and retention of existing customers, not just acquiring new customers, would be a strategic focus going forward. - Some initiatives to improve retention included potentially lowering rates, improving customer service and satisfaction, and offering homeowners insurance through partnerships. - For the quarter, the combined ratio was 87.3% versus 90.4% the prior year, demonstrating continued strong underwriting performance.
