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$PGR reported net loss for the month of August 2017 of $16.8MM or $0.03 per share compared to a profit of $49.3MM or $0.08 per share last year. Net premiums written grew 16% to $2.21Bil from $1.91Bil and net premiums earned increased 14% to $2.02Bil from $1.77Bil.
$PGR reported a 48% increase in net earnings for June, 2017 compared to June, 2016. Net income was $89.6MM or $0.15 per share versus $60.5MM or $0.10 per share in the prior-year period. Net premiums written grew 9% to $2Bil and net premiums earned grew 13% to $1.9Bil in June, 2017 versus June, 2016.
$PGR reported a 93% increase in 2Q17 net earnings. Net income grew to $367.6MM or $0.63 per share compared to $190.9MM or $0.33 per share in 2Q16. Net premiums written and net premiums earned both grew 14% to $6.7Bil and $6.3Bil respectively during 2Q17.
$PGR's BoD approved a new authorization for the company to repurchase up to 25MM of its common shares. This authorization replaces the shares that remained under the board's June 2011 authorization, which was also terminated on May 12, 2017. The new authorization does not have an expiration date.
$PGR reported a 64% jump in 1Q17 earnings. Net income was $424.3MM or $0.73 per share in 1Q17, up from $258.2MM or $0.44 per share in the previous year quarter. Net premiums written increased 12% to $6.5Bil and net premiums earned grew 13% to $6.03Bil.
$PGR reported net income for the month of February 2017 of $134.5MM or $0.23 per share, up from $96.6MM or $0.17 per share a year ago. Net premiums written grew 14% to $2.2Bil and net premiums earned increased 13% to $1.85Bil. Pretax net realized gains on securities fell to $2.4MM from $10.2MM.
$PGR believes it is in a good position in the commercial auto segment. The company had a fair amount of underwriting restrictions on new business in the high frequency segments. Over the next couple of months, based on available data, $PGR will determine if it can remove some or all of these restrictions that have been put into place.
$PGR said any form of tax reduction would benefit the company. The taxes included in its pricing indications are premium taxes. The company has taken some actions to proactively manage its premium taxes but has not been proactive with its federal tax rate. $PGR is taking actions in this area and will continue to do so going forward.
$PGR has an objective of accelerating growth and achieving at least $0.04 of underwriting profit. The company has increased advertising and is pleased with the results seen in January 2017. The future trend appears to be positive and the company believes it is in a good position to achieve its objective.
$PGR reported a 16% increase in 4Q16 earnings. Net income was $383.2MM or $0.66 per share in 4Q16 compared to $330.4MM or $0.56 per share in 4Q15. Net premiums written increased 15% to $5.5Bil and net premiums earned increased 14% to $5.8Bil compared to 4Q15.
$PGR reported its net premiums written of $2.24Bil for the month of January 2017, a growth of 11% from $2.03Bil last year. Net premiums earned grew 14% to $2.28Bil. Net income attributable to Progressive was $182.1MM or $0.31 per share, up from $100.8MM or $0.17 per share a year ago.