By Dean Seal

Progressive Corp. swung to a loss during the second quarter due in part to a significant goodwill impairment from a 2015 acquisition.

The insurance provider posted a second-quarter loss of $542.9 million, or 94 cents a share, compared with a profit of $790.1 million, or $1.34 a share, in the same quarter last year.

Net premiums written rose 8%, to $12.42 billion, while net premiums earned climbed 11%, to $12.15 billion.

The company's net loss was widened by a $224.8 million goodwill impairment on its property business during the month of June that reflected the writedown of goodwill associated with its 2015 acquisition of ARX Holding Corp.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

July 15, 2022 09:14 ET (13:14 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
Grafico Azioni Progressive (NYSE:PGR)
Storico
Da Mar 2024 a Apr 2024 Clicca qui per i Grafici di Progressive
Grafico Azioni Progressive (NYSE:PGR)
Storico
Da Apr 2023 a Apr 2024 Clicca qui per i Grafici di Progressive