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Progressive Premiums Rise, Net Income Falls in 2Q

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 matt.grossman@wsj.com

 

(END) Dow Jones Newswires

July 15, 2021 09:11 ET (13:11 GMT)

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