UPDATE 1-Progressive Q1 net income falls 3 percent

* Net income $232.5 million, or 35 cents a share
* Investment income down 17 percent to $131.5 million

NEW YORK, April 15 (Reuters) - Progressive Corp ,
the third-largest U.S. auto insurer, said first-quarter net
income fell 3 percent as investment income dropped.
Net income declined to $232.5 million, or 35 cents a share,
from $239.4 million, or 35 cents a share, in the same quarter
last year, The Mayfield Village, Ohio-based company said on
Wednesday.
Investment income fell 17 percent to $131.5 million. Higher
income tax expense also cut into earnings.
(Reporting by Dan Wilchins; editing by John Wallace)
((Reuters Messaging: dan.wilchins.reuters.com@reuters.net; +1
646 223 6320))
Keywords: PROGRESSIVE/

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