Progressive reported a 5 percent dip in net income for the month of December and a 2 percent drop for the fourth quarter, but net income managed a 1 percent gain for all of 2010, the Mayfield Village, Ohio-based insurer reported.
Progressive reported December net income of $113 million, down $5.5 million from $118 million reported in December 2009. That translated into a 1 cent drop per share to 17 cents a share for the month. Net written premiums during the month dropped 20 percent, or $227 million, to $929 million. The combined ratio rose 1.3 points to 92.2.
Fourth-quarter results faired a little better, with net income dropping only 2 percent, or $6 million, to $299 million compared to the same period in 2009. Earnings per share were down a cent to 45 cents a share. Net written premiums dropped 4 percent, or $122 million, to $3.3 billion. The combined ratio was up 1.6 points to 93.1.
For all of 2010, net income rose $11 million to $1.07 billion, translating into a 4 cent increase in earnings per share to $1.61. Total revenues rose 3 percent, or $400 million to $15 billion. The combined ratio rose 0.9 points for the year to 92.5.
Progressive said it will pay an annual dividend of less than 40 cents a share on Feb. 4 to shareholders of record as of Jan. 27.
The company said it will hold a conference call on March 3 after posting its annual 2010 report