Progressive Corp, the third-largest auto insurer in the United States, said on Friday that net income for August fell 37 percent compared with the same month last year, as premium revenue declined.

The auto insurer said August net income was $76.9 million, or 11 cents a share, down from $122.7 million, or 16 cents a share, in August 2006.

Net premiums earned, a measure of premium revenue, fell 2 percent to $1.06 billion, while net premiums written fell 4 percent to $1.05 billion. (Reporting by Ed Leefeldt)

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