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Progressive Q4 Profit Increases

Progressive Corp. (PGR) reported that its fourth-quarter net income increased to $1.68 billion or $2.85 per share from $1.07 billion or $1.81 per share in the prior-year quarter. On average, 18 analysts polled by Thomson Reuters expected the company to report profit per share of $1.66 for the quarter. Analysts' estimates typically exclude special items.

Net premiums written for the quarter declined to $9.54 billion from $9.59 billion last year. Analysts expected revenue of $10.32 billion for the quarter. Net premiums earned were $10.21 billion up from $9.90 billion in the prior year.

For the month of December 2020, the company reported net income rose to $706.0 million or $1.20 per share, from $460.0million or $0.78 per share last year.

Net premiums written for the month decreased to $2.79 billion from $3.34 billion in the prior year. Net premiums earned were $3.16 billion, down from $3.54 billion in the previous year.

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