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Progressive recently reported a 20 percent drop in its April profit.
The Mayfield Village, Ohio-based company’s net income declined to $108.9 million for the month from $136.7 million last year. Earnings per share dropped 13 percent to $0.16 from $0.19 a year ago.
Total revenues for the month were $1.378 billion. Net premiums written declined 2 percent to $1.415 billion from $1.437 billion last year. Net premiums earned stood at $1.312 billion, a 3 percent reduction over $1.354 billion the previous year.
For the month of March, the auto insurance group reported net income of $71.3 million or $0.11 per share, on revenues of $1.08 billion.
In the year-to-date period, Progressive’s net income was down 30 percent to $348.3 million from $500.2 million in the previous year. Earnings per share dropped 24 percent to $0.51 from $0.67 last year.
Total revenues were $4.963 billion, 3 percent lower than $5.101 billion the previous year. Net premiums earned declined 3 percent to $4.702 billion from $4.848 billion a year earlier.