Progressive Q1 Profit Rises; CFO Brian Domeck To Retire In May

(RTTNews) - The Progressive Corp. (PGR) reported that its first-quarter net income increased to $321.3 million or $0.54 per share, from $308.6 million or $0.51 per share, previous year.

On average, 21 analysts polled by Thomson Reuters expected the company to report profit per share of $0.39 for the quarter. Analysts' estimates typically exclude special items.

Net premiums written increased to $4.68 billion from $4.45 billion, prior year. Analysts expected revenue of $4.62 billion for the quarter. Net premiums earned was $4.40 billion, compared to $4.18 billion, last year.

The company also announced that Brian Domeck, its CFO, intends to retire after the Annual Meeting of Shareholders in May 2015. Domeck will continue to serve as CFO through early 2015, when the company's 2014 financial statements will be finalized and certified.

The company also announced that John Sauerland is expected to become CFO in early 2015 when Domeck steps down. Sauerland is currently the President of the company's Personal Lines Group.