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The Progressive Corporation (PGR) has reported 18.67 percent fall in profit for the year ended Dec. 31, 2016. The company has earned $1,031 million, or $1.76 a share in the year, compared with $1,267.60 million, or $2.15 a share for the last year. Revenue during the year grew 12.41 percent to $23,441.40 million from $20,853.80 million in the previous year. Net premium earned for the year increased 13.56 percent or $2,789.50 million to $23,353.50 million.
Total expenses move up
Operating income for the year was $1,470.70 million, compared with $1,911.60 million in the previous year. Property and casualty insurance division has booked premium of $22,474 million on net basis during the year, up 12.94 percent or $2,574.90 million from year-ago.
Meanwhile, income from fees and commission for the year increased 10.10 percent or $30.50 million to $332.50 million. The company has recorded a gain on investments of $51.10 million in the year compared with a gain of $112.70 million for the previous year.
Liabilities outpace assets growth
Total assets increased 12.10 percent or $3,608.20 million to $33,427.50 million on Dec. 31, 2016. On the other hand, total liabilities were at $24,986.70 million as on Dec. 31, 2016, up 13.24 percent or $2,921.70 million from year-ago. Return on assets stood at 3.58 percent in the year, down 1.23 from 4.82 percent in the last year. At the same time, return on equity was at 12.21 percent in the year, down 5.18 from 17.39 percent in the last year.
Investments move up
Investments stood at $23,482.60 million as on Dec. 31, 2016, up 12.16 percent or $2,545.30 million from year-ago. Total debt was at $3,148.20 million as on Dec. 31, 2016, up 16.26 percent or $440.30 million from year-ago. Shareholders equity stood at $8,440.80 million as on Dec. 31, 2016, up 15.80 percent or $1,151.40 million from year-ago. As a result, debt to equity ratio was almost stable at 0.37 percent in the year, when compared with the last year.
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