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Progressive 1Q Net Income Up 20 Percent

Revenue also rose 8 percent to $4.44 billion from $4.13 billion, according to announcement Wednesday

Progressive Corp, which is headquartered in Mayfield Village, announced this week that its first quarter net income rose 20 percent, according to www.cnbc.com.

The insurer said it benefited from growth in net premiums written in recent quarters.

Here are some other statistics from Progressive's first quarter, courtesy of the Dow Jones Business News:

  • It reported a profit of $308.6 million, or 51 cents per share, which is up from $257.6 million, or 42 cents a share, a year earlier.
  • Net premiums written and earned both increased. Premiums written went up rose 6.9 percent to 4.45 billion; premiums earned, 8 percent to $4.18 billion.

Progressive's stocks had become increasingly bullish in anticipation first quarter earnings announcement, according to Forbes.

The business magazine reported that Wall Street estimates were up 2.4 percent from a year ago, when Progressive reported earnings of 42 cents per share.

Progressive was founded in 1937 and moved to Mayfield Village in 1974.

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