Progressive 2Q earnings slide 24 percent

Net income totaled $215.5 million, or 32 cents per share, compared with $283.7 million, or 39 cents per share, in the prior-year period. Results are based on 673.7 million shares outstanding in the 2008 quarter, and 729.5 million outstanding in the 2007 quarter.

Analysts polled by Thomson Financial, on average, estimated higher earnings of 37 cents per share.

Net premiums written at Progressive slipped 1 percent to $3.51 billion from $3.56 billion in the second quarter of last year.

Progressive also reported a pretax loss on securities of $44.6 million, compared with a $6.6 million loss in the year-ago quarter.

The company's combined ratio rose 1.3 points to 93.6.

Combined ratios measure the amount of money insurers pay out in claims and expenses compared with how much they receive from writing new business. A ratio above 100 means the insurer pays out more in claims and expenses than it takes in from writing new premiums.

Shares slipped 64 cents, or 3.3 percent, to $19.35 in morning trading.