Auto insurance group Progressive Corp. (PGR) reported Wednesday a 48 percent drop in profit for the month of April, as an increase in net premiums were more than offset by losses on securities.
The Mayfield Village, Ohio-based holding company's net income for the month plunged to $61.2 million or $0.10 per share from $118 million or $0.18 per share in the same month last year.
However, net premiums earned improved 7 percent to $1.53 billion from $1.43 billion in April 2011.
Total revenues for the month were $1.56 billion, and total expenses were $1.47 billion.
The results for the month included pre-tax net realized losses on securities of $7.9 million, compared to a gain of $24.6 million in the prior year.
Combined ratio for the month, or the amount of premiums paid as claims, increased 3.7 percentage points to 95.1 percent from 91.4 percent in the same period last year.
For April, the company's total personal lines policies in force increased 6 percent to 12.77 million. Of this, total personal auto policies grew 6 percent to 8.87 million, with a 6 percent rise in Agency Auto policies and 7 percent growth in Direct Auto policies. Total special lines policies for the month grew 5 percent from last year to 3.9 million.
Total commercial auto policies in the month rose 2 percent to 520 thousand from last year.
PGR is currently trading at $21.47, down 1.74 percent, on a volume of 3.66 million shares.
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