Progressive Q1 Earnings Rise, Above Estimates

Auto insurance company The Progressive Corp. (PGR) on Thursday reported higher earnings and revenues in the first-quarter, helped by an increase in net premiums earned. The company's results came in above the Street estimates.

The company posted first-quarter net income of $1.48 billion or $2.51 per share, up from $692.7 million or $1.17 per share in the same period last year.

On average, 18 analysts polled by Thomson Reuters expected the company to report earnings of $1.72 per share in the quarter. Analysts' estimates usually exclude one-time items.

Quarterly revenues rose 23 percent to $11.4 billion from $9.3 billion in the year-ago period. On average, 7 analysts expected the company to report revenues of $11.2 billion in the quarter.

During the quarter, net premiums earned was up 10 percent to $10.4 billion from $9.4 billion in the prior-year period. Net written premiums rose 19 percent to $11.7 billion from $9.8 billion a year ago.

The company's investment income declined 9 percent to $220.2 million from $241.2 million in the corresponding quarter last year.

Combined ratio was up 2.4 points during the quarter to 89.3 from 86.9 in the previous-year period.

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