(Bloomberg) -- Progressive Corp., the fourth-largest U.S. auto insurer, said profit dropped 16 percent as investment income declined for a 12th straight quarter.

Third-quarter net income decreased to $232.4 million, or 39 cents a share, from $277 million, or 46 cents, a year earlier, the Mayfield Village, Ohio-based company said today in a statement. Operating profit, which excludes some investment results, was about 36 cents a share, matching the average estimate of 19 analysts surveyed by Bloomberg.

Register or login for access to this item and much more

All Digital Insurance content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access