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Letter to the Editor
Friday January 19
Progressive 4Q Profit Up 42%
Auto insurer Progressive Corp. has reported that fourth quarter earnings jumped 42 percent despite a drop in net premiums written, as returns on the company's securities investments swung to a gain.Net income rose to $400.9 million, or 53 cents per share, from $281.6 million, or 35 cents per share, in the year-ago period.
Progressive recorded a profit of $14.5 million from securities investments, while a year ago, that posting delivered a loss of $40.2 million.
Net premiums earned edged up 1 percent to $3.51 billion. Net premiums written slipped 2 percent to $3.19 billion from $3.25 billion last year.
For the year, net income added 18 percent to $1.64 billion on 21 percent higher net premiums earned of $14.12 billion.
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