Progressive Corp. June, Q2 Profit Down

(RTTNews) - Auto insurance group Progressive Corp. (PGR) reported that its net income for the month of June declined to $48.5 million from last year's $68.4 million, with earnings per share decreasing to $0.08 from $0.11 in the same month last year.

But, monthly net premiums written rose to $1.38 billion from $1.32 billion last year. Net premiums earned for the month also increased to $1.39 billion from $1.32 billion in the previous year.

In addition, the company reported that its second quarter 2014 net income dropped to $293.4 million from $324.6 million in the year ago quarter. Net income per share was $0.49, down from $0.54 in the previous year.

However, quarterly net premiums written improved to $4.63 billion from $4.39 billion in the prior year. Net premiums earned was $4.51 billion, compared to $4.28 billion in the prior year.