Progressive Corp. June, Q2 Profit Increase - Quick Facts

(RTTNews) - The Progressive Corp. (PGR) reported that second quarter net income increased to $979.4 million or $1.66 per share from $704.2 million or $1.19 per share in the prior-year quarter.

On average, 18 analysts polled by Thomson Reuters expected the company to report profit per share of $1.43 for the quarter. Analysts' estimates typically exclude special items.

Net premiums written for the quarter also grew to $9.13 billion from $8.10 billion last year. Analysts expected revenue of $9.14 billion for the quarter.

For the month of June 2019, the company reported net income of $413.1 million or $0.70 per share, a surge from $175.0 million or $0.25 per share in June 2018. Net premiums written for the month also grew to $2.79 billion from $2.46 billion in June last year.