Progressive 1Q Profit Falls on Fewer Investment Gains

By FOXBusiness

Auto insurer Progressive (NYSE:PGR) reported on Wednesday a 7% year-over-year jump in net premiums written but saw its first-quarter profit slide on fewer investment gains.

Progressive’s net income fell 29% to $257.6 million, or 42 cents a share, compared with a year-earlier $362.9 million, or 55 cents. The company had just $77.5 million in investment gains during the period, compared with $99.7 million in 2011.

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However, the earnings still beat the 39 cents predicted by analysts in a Thomson Reuters poll.

The Mayfield Village, Ohio-based company said it wrote $4.16 billion in premiums, up from $3.9 billion.