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 Profit Loss Auto
Was this article valuable?
Here are more articles you may enjoy.
Homesellers Pull Listings Off Market as Interest Fades 
Businessman, Former Federal Insurance Co. Attorney Hit With $50M Florida Verdict 
‘Clear Soft Market Conditions’ for Commercial P/C Lines in Q3, Says CIAB 
Taiping Insurance Shares Hit by Over $200 Million Exposure to Hong Kong Fire 
