MAYFIELD VILLAGE, Ohio_Auto insurer Progressive Corp. said Friday that its second-quarter profit climbed 16 percent as the prior-year period was weighed down by some investment losses.

The company earned $250.1 million, or 37 cents per share, for the three months ending in June. That's up from $215.5 million, or 32 cents per share, a year ago.

Analysts polled by Thomson Reuters, whose estimates normally exclude one-time items, forecast net income of 36 cents per share.

Progressive recognized $44.6 million in losses in the prior-year period. The auto insurer had a net realized gain of $15.9 million for the current quarter.

Second-quarter net premiums written edged up 1 percent to $3.53 billion, while net premiums earned also rose 1 percent to $3.44 billion.

The company's combined ratio dipped 1 point to 92.6 from 93.6 a year ago. Combined ratio measures the amount an insurer pays out in claims and other expenses compared with how much it earns from writing insurance policies. A ratio above 100 means the insurer is paying out more in claims and expenses than it takes in from writing policies.

Shares of Progressive fell 18 cents to $14.25 in midday trading.