Tuesday, personal and commercial automobile insurer Progressive Corp. (PGR), reported a rise in profit for the month of June, benefiting from higher earned premiums from Personal Lines and Commercial Auto Businesses and a realized gain on securities.
Net income for the month of June was $114.9 million or $0.17 per share, compared to $81.8 million or $0.12 per share in June 2008.
The Mayfield Village, Ohio-based company's net premiums earned for the month increased to $1.32 billion from $1.31 billion last year. Net premiums written for the period was $1.36 billion, compared to $1.38 billion last year.
For the month, net premiums earned from Personal Lines Business were $1.22 billion and net premiums earned from Commercial Auto Business were $140.6 million. Net premiums earned from other business were $2.3 million.
For June, the company reported a pretax net realized gain on securities of $25.8 million, compared to a loss of $16.1 million last year.
Combined ratio for the month was 91.0%, down 1.8 points from 92.8% in the year ago month.
Year-to-date, net income increased to $597.5 million or $4.6 per share from $536.7 million or $6.1 per share a year ago. Net premiums earned for the period increased to $8.17 billion from $8.11 billion in the same period of the previous year.
The company is scheduled to release its August results on September 10, 2009.
PGR closed Tuesday's regular trading at $15.80, down 0.37 or 2.29%, on a volume of 3.48 million shares on the NYSE.
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