Progressive’s monthly profit falls despite continued premium growth
Progressive ($PGR) reported unaudited monthly net income of approximately $951 million, down 22% from $1.22 billion a year earlier. Earnings per share fell to $1.63 from $2.07. Net premiums written nevertheless increased 6% to around $7.61 billion, while earned premiums rose 5% to $7.35 billion, showing continued growth in the underlying book of business. The combined ratio deteriorated to 89.3 from 83.1, indicating that claims and expenses consumed a larger share of earned premiums, although th
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