Progressive shares retreated after net income came in below estimates.

The stock declines 6% to $209.34 on Wednesday. Shares are down 8% this year.

Net income in the third quarter declined 3% to $2.54 billion, missing analysts' projections of $2.56 billion, according to FactSet.

Earnings per share of $4.37 were also below the $4.42 that Wall Street was projecting.