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.
World’s Largest Retirement Community Set to Borrow $180 Million for More Homes 
All in the Family: Husband, Wife and Daughter Indicted for Insurance Fraud and Bribery 
Chubb Q3 Net Income Down Slightly on More Catastrophe Losses 
Oaktree’s Deal to Buy A-Cap Insurer Crumbles, Spawning New Talks 
