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)
Topics Carriers Auto Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
State Insurance Legislators ‘Greatly Disturbed’ by Trump AI Regulation Order 
Court Awards $32 Million Over Premature Baby’s Death at Yale Hospital 
Hacking Group ‘ShinyHunters’ Claims Theft of Data From Users of Pornhub 
AIG Partners With Amwins, Blackstone to Launch Lloyd’s Syndicate Using Palantir 
