Progressive (PGR) reported Q2 net income Wednesday of $5.67 per diluted share, up from $5.40 a year earlier.

Analysts polled by FactSet expected $5.35.

Net premiums earned for the quarter ended June 30 were $21.57 billion, up from $20.31 billion a year earlier.

Shares of the company were down nearly 4% in Wednesday's premarket activity.