Progressive March Profit Drops, Q1 Results Climb; Stock Up In Pre-market

(RTTNews) - Insurer Progressive Corp. (PGR) reported Wednesday lower profit in the month of March, while first-quarter profit increased from last year, with growth in net premiums.

In the pre-market activity on the NYSE, Progressive shares were gaining around 3 percent to trade at $284.36.

In the month of March, net income fell 42 percent to $522 million from last year's $893 million. Earnings per share were $0.89, 42 percent lower than $1.52 a year ago.

The monthly net premiums written, however, grew 17 percent to $9.04 billion from prior year's $7.75 billion. Net premiums earned climbed 20 percent to $6.79 billion from $5.63 billion last year.

In the first quarter, net income grew 10 percent to $2.57 billion from last year's $2.33 billion. Earnings per share were $4.37, 11 percent higher than $3.94 a year ago.

The Wall Street analysts on average expected the company to report earnings of $4.78 per share. Analysts' estimates typically exclude special items.

Net premiums written grew 17 percent to $22.21 billion from prior year's $18.96 billion. The Street was looking for $21.73 billion.

Net premiums earned in the quarter climbed 20 percent to $19.41 billion from $16.15 billion last year.

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