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.
Here Are Some AI Doomsday Scenarios Researchers Say Could Put Humanity at Risk 
How Insurers Can Gain the Most Value From Their AI Investments: Accenture 
Florida AG Sues Roofing Firm After Dozens of Complaints About Unfinished Work 
Another Crane, Then Another, Collapses Onto Home in Fort Lauderdale 
