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Progressive Profit Falls 42% to $151 Million on Investments

Progressive Corp., the fourth-largest U.S. auto insurer, said profit fell 42 percent on declines in the value of investments and weaker underwriting results as Hurricane Irene struck the East Coast.

Third-quarter net income dropped to $150.7 million, or 24 cents a share, from $261.6 million, or 40 cents, in the year-earlier period, the Mayfield Village, Ohio-based company said today in a statement.