Progressive Corp. Slips To Q2 Loss
(RTTNews) - Progressive Corp. (PGR) reported Friday that a net loss attributable to the company for the second quarter of $542.9 million or $0.94 per share, compared to net income of $790.1 million or $1.34 in the prior-year quarter.
Net premiums written for the quarter grew 8 percent to $12.42 billion from $11.48 billion last year. Analysts expected revenue of $12.48 billion for the quarter.
Net premiums earned were $12.15 billion, up 11 percent from $10.98 billion in the previous year.
For the month of June, the company reported a net loss of $436.7 million or $0.75 per share, compared to net income of $132.8 million or $0.22 per share last year.
Net premiums written for the month increased 7 percent to $3.88 billion from $3.63 billion in the prior year. Net premiums earned were $3.77 billion, up 9 percent from $3.46 billion in the previous year.
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