Progressive Corp. Swings To Profit In Q2
(RTTNews) - Progressive Corp. (PGR) reported Thursday net income attributable to the company for the second quarter of $345.4 million or $0.57 per share, compared to a net loss of $542.9 million or $0.94 in the prior-year quarter.
Net premiums written for the quarter grew 18 percent to $14.72 billion from $12.42 billion last year. Analysts expected revenue of $14.98 billion for the quarter.
Net premiums earned were $14.46 billion, up 19 percent from $12.15 billion in the previous year.
For the month of June, the company reported net income of $40.9 million or $0.06 per share, compared to a net loss of $436.7 million or $0.75 per share last year.
Net premiums written for the month increased 11 percent to $4.32 billion from $3.88 billion in the prior year. Net premiums earned were $4.52 billion, up 20 percent from $3.77 billion in the previous year.
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