Progressive December Profit Down, But Q4 Profit Increases - Quick Facts

(RTTNews) - Auto insurance group Progressive Corp. (PGR) reported that net income for the month of December 2013 declined to $89.9 million from the prior year's $95.1 million, with net income per share decreasing to $0.15 from $0.16 in the same month last year.

Net premiums written for the month grew to $1.194 billion from $1.138 billion last year. Monthly net premiums earned was $1.340 billion, up from $1.266 billion in the prior year.

In addition, the company said that net income for the fourth-quarter of 2013 climbed to $299.8 million from $249.1 million in the previous year quarter. Net income per share was $0.50, compared to $0.41 in the previous year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.43 per share for the fourth-quarter. Analysts' estimates typically exclude special items.

Quarterly net premiums written increased to $4.049 billion from last year's $3.839 billion. Net premiums earned for the quarter was $4.344 billion versus $4.106 billion in the year ago quarter.