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.
CopperPoint Insurance to Acquire Surety Specialist General Indemnity Group 
Iran Starts Bitcoin-Backed Shipping Insurance for Hormuz Strait 
Oil Tankers Transiting Strait of Hormuz Since Start of Iran War 
The Big Dog Is Off the Tech Porch: State Farm as ‘Next Gen Good Neighbor’ 
