Progressive Corp. Q4 Profit Sharply Declines

Progressive Corp. (PGR) reported Wednesday that net income for the fourth quarter declined 14 percent to $826.4 million or $1.40 per share from $962.3 million or $1.63 in the prior-year quarter.

On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $1.43 per share for the quarter. Analysts' estimates typically exclude special items.

Net premiums written for the quarter grew 16 percent to $12.46 billion from $10.75 billion last year. Analysts expected revenue of $12.35 billion for the quarter.

Net premiums earned were $12.89 billion, up 11 percent from $11.60 billion in the previous year.

For the month of December, the company reported net income of $5.8 million or $0.01 per share, sharply lower than $393.3 million or $0.67 per share last year.

Net premiums written for the month increased 15 percent to $3.57 billion from $3.11 billion in the prior year. Net premiums earned were $4.03 billion, up 12 percent from $3.61 billion in the previous year.

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