Progressive Profit Declines 9.6% on Investments
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Progressive Corp., the fourth-largest U.S. car insurer, said second-quarter profit fell 9.6 percent as investment gains narrowed.
Net income dropped to $293.4 million, or 49 cents a share, from $324.6 million, or 54 cents, a year earlier, the Mayfield Village, Ohio-based company said today in a statement. Operating profit, which excludes some investment results, was 45 cents a share, missing the average 49-cent estimate of 17 analysts surveyed by Bloomberg.