Auto Insurer Progressive Reports Q1 Profit Down 34%

Progressive Corp., one of the largest U.S. auto insurers, Wednesday said first-quarter profit fell 34 percent, as premiums declined.

Net income for the Mayfield Village, Ohio-based company dropped to $239.4 million, or 35 cents per share, from $363.5 million, or 49 cents per share, a year earlier.

Net premiums written fell 4 percent to $3.49 billion, while net premiums earned fell 3 percent to $3.39 billion. March policies in force in personal lines including autos rose 3 percent to 10.27 million, while commercial auto policies in force rose 6 percent to 545,400, the company said.

Analysts on average had expected profit of 29 cents per share on revenue of $3.52 billion, according to Reuters Estimates.

(Reporting by Jonathan Stempel, editing by Gerald E. McCormick)

Latest Comments

• April 9, 2008 at 4:52 am

  Rick says:

  Whimp, you and many others feel the same. Why produce business for a company that's in competition with you? I'm sure it's hurting their production. If PGR wants to go direct ... read more
• April 9, 2008 at 4:13 am

  Whimp Stomper says:

  Come on, by selling a policy with Progressive, you support competition against yourself AND you support a compensation schedule below most agencies costs. I admit, I keep them... read more
• April 9, 2008 at 3:46 am

  Fdieg says:

  AMEN! They are trying to have their cake and eat it too. They use the IA's as a source for $$$ to drive their marketing and pricing instead of putting the $$$ into at least an... read more