Fourth-quarter 2021 earnings at Progressive Corp. fell 43 percent compared with the same period a year ago to $962.3 million.

The results were despite the personal and commercial property insurer posting an increase of 13 percent in net premiums written during the last three months of 2021. Progressive said its fourth-quarter combined ratio jumped over 6 points to 94.7 compared with the prior-year fourth quarter.

Net income for the full year was about $3.35 billion, a 41 percent drop from about $5.7 billion in 2020, while net premiums written increased 14 percent. The company’s overall combined ratio for 2021 was 95.3—88.9 from its commercial lines business and 115.3 from personal lines.

For the month of December, net income was down 44 percent to $393.3 million. While the December combined ratio for Progressive’s commercial lines was a profitable 85.1, it’s combined ratio for the property business was 112.8, which included 38.2 points from catastrophe losses due to U.S. storms and tornadoes, as well as wildfires in Colorado.