Friday, auto insurance group Progressive Corp. (PGR) posted an increase in its profit for the second quarter, with a modest 1% rise in net premiums written and premiums earned. Meanwhile, profit surged 190% for the month of June.
The company's second-quarter net income advanced 16% to $250.1 million or $0.37 per share from the previous year's income of $215.5 million or $0.32 per share.
On average, 16 analysts polled by Thomson Reuters expected the company to post earnings of $0.36 per share. Analysts' estimates typically exclude special items.
Quarterly net premiums written totaled $3.53 billion, up 1% from $3.51 billion in the same quarter of last year. Net premiums earned edged up 1% to $3.44 billion from $3.41 billion generated in the comparable quarter of the previous year. Nine Wall Street analysts had a consensus revenue estimate of $ 3.54 billion.
The second-quarter results included $15.9 million of pre-tax investment gains, compared with a prior year loss of $44.6 million.
The Mayfield Village, Ohio-based company also reported that net income for the month of June 2009 surged to $79.3 million or $0.12 per share from $27.3 million or $0.04 per share in the year-ago period.
Net premiums written for the month were $1.059 billion, compared with $1.046 billion in the prior year period, an increase of 1%. Net premiums earned improved 1% to $1.061 billion from $1.049 billion in the corresponding period of the previous year.
During the month of June, the company recognized $13.7 million in net realized gains in investment portfolio. Progressive added that it wrote down $30.0 million in securities that were determined to have had an other-than-temporary decline in market value, primarily in its structured debt portfolio. In addition to the write-downs, the results comprised net gains on sales of securities, including holding period gains, of $43.7 million during the month.
For the six-month period, the company posted net income of $482.6 million or $0.72 per share, compared to $454.9 million or $0.67 per share in the year-earlier period.
Net premiums written for the period ended June 2009 were $7.05 billion, compared to $7.00 billion in the same period of last year. Net premiums earned increased 1% to $6.85 billion from $6.80 billion in the comparable period of the previous year.
Year-to-date total revenues dropped 1% to $7.05 billion from $7.12 billion witnessed in the year-ago period.
Progressive shares, which have been trading between $9.76 and $20.71 in the past 52 weeks, closed Thursday's trading session at $14.43.
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