Zacks.com submits:

Auto insurer Progressive Corporation’s (PGR) earnings for November fell to 12 cents per share compared with 20 cents in the year-ago period. Though the company achieved a growth in premium writings, the year-over-year decline in earnings reflect a large gain from the sale of U.S. Treasury securities in the prior-year period.

The company, which reports earnings on a monthly basis, disclosed an income of $80.0 million, down from $137.5 million in the prior-year period. In November 2008, Progressive experienced $100.1 million of net realized gains, primarily from the U.S. Treasury securities sale for tax-planning purposes. Realized gains in November 2009 were $6.1 million.

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