Progressive November income falls

Progressive Insurance company on Thursday reported a decline in November net income as the amount of premiums written and earned grew, but its ratio of losses and expenses rose. The company said income fell 6 percent to $93.8 million, or 46 cent cents per share, down from $99.5 million, or 45 cents per share, a year ago. Net premiums written rose 7 percent to $937 million from $875.5 million, while premiums earned rose 8 percent to $1.02 billion from $939.5 million. Progressive's combined ratio of losses and expenses rose to 89.6 from 86.7. The company said growth continued to slow in its personal lines and commercial auto businesses, but auto growth in November benefited from a lower inventory of unprocessed applications. Progressive shares roes 53 cents to close at $91.20 on the New York Stock Exchange.