Net income of $293.4M fell 10% from a year ago, with net income per share of $0.49 off 8%. Operating profit of $0.45 per share missed estimates by $0.04.
Net premiums written of $4.628B gained 5% Y/Y, but slips from last year's 6.2% growth pace.
The combined ratio improves to 92.6% from 93.3%.
Innovations like allowing clients to do business from smartphones isn't drawing as many policyholders as before, says Sandler O'Neill's Paul Newsome (speaking ahead of earnings). “The biggest issue is that they really haven’t had a major change in the last decade ... It’s really about 10 years ago when they had really rapid premium growth."
PGR -0.5% premarket
Previously: Progressive beats by $0.01, misses on revenue