Progressive recently reported that its net income in May fell 3 percent as net premiums written fell slightly.

Progressive said net income for the month was $79.3 million, or 12 cents per share, compared with $81.6 million, or 11 cents per share, during the same month last year. Earnings per share rose despite a decline in net income because Progressive had fewer shares outstanding in May 2008 compared with May 2007.

Net premiums written at Progressive fell 1 percent to $1.05 billion from $1.06 billion during the year-ago period.

Progressive’s combined ratio did improve, though, falling to 92.4 in May from 93.3 last year.

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.