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Progressive Corp. Q2 Profit Declines 56% - Quick Facts

Progressive Corp. (PGR) reported Thursday that its net income attributable to the company for the second quarter declined 56 percent to $790.1 million or $1.34 per share from $1.79 billion or $3.04 per share in the prior-year quarter.

On average, 15 analysts polled by Thomson Reuters expected the company to report earnings of $1.08 per share for the quarter. Analysts' estimates typically exclude special items.

Net premiums written for the quarter grew 13 percent to $11.48 billion from $10.14 billion last year. Analysts expected revenue of $11.52 billion for the quarter. Net premiums earned were $10.98 billion, up 14 percent from $9.65 billion in the previous year.

For the month of June, the company reported net income of $132.8 million or $0.22 per share, down 72 percent from $470.9 million or $0.80 per share last year.

Net premiums written for the month increased 13 percent to $3.63 billion from $3.20 billion in the prior year. Net premiums earned were $3.46 billion, up 14 percent from $3.02 billion in the previous year.

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