MAYFIELD VILLAGE, Ohio (AP) -- Auto-insurance company Progressive Corp. said earnings in the latest quarter fell from a year ago, and released estimates on expected exposure from Hurricanes Katrina and Rita.
The Mayfield Village insurer on Wednesday said income for the third quarter fell to $305.3 million, or $1.54 a share.
In the previous year, income was $388.9 million, or $1.77 a share.
The drop in earnings was slightly smaller than analysts had predicted. According to Thomson Financial, analysts were expecting earnings of $1.59 a share.
For the third quarter, Progressive's net premiums written rose to $3.56 billion from $3.39 billion a year earlier.
The company -- which in addition to personal auto coverage offers auto lenders, directors' and officers', and employee misconduct insurance -- expects exposure from Hurricane Katrina to be around $173.6 million, $54.1 million higher than the estimate at the end of August. About 23,700 claims were filed related to Katrina. Total exposure from Hurricane Rita is estimated at $11.9 million.
The company's third-quarter combined ratio, or the percentage of each premium dollar spent on claims, rose to 90.4 from 86.3 in the year-ago quarter.
For September, the company's income fell to $104.6 million from $120.5 million.
Progressive shares rose 52 cents to $103.97 in midday trading on the New York Stock Exchange.
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