By Matt Grossman
Progressive Corp. Thursday posted lower net income year over year in the second quarter, although premiums rose.
The insurer, based in Mayfield Village, Ohio, logged net income available to common shareholders of $1.34 a share, compared with $3.04 a share in the year-ago quarter.
Analysts were expecting earnings of $1.52 a share, according to FactSet.
Total net income for the second quarter was $790.1 million, down from $1.79 billion a year earlier.
Net premiums written rose 13% year over year to $11.48 billion. Net premiums earned climbed 14% to $10.98 billion.
In June, policies in force climbed 11% year over year, including 10% for personal lines and 18% for business lines.
Write to Matt Grossman at firstname.lastname@example.org
(END) Dow Jones Newswires
July 15, 2021 09:11 ET (13:11 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.