MAYFIELD VILLAGE, Ohio (AP) — Auto insurer Progressive Corp. on Thursday reported second-quarter results showing improvement over a year ago, boosted by a gain in its investment portfolio, but results missed Wall Street expectations.

Shares slipped 45 cents, or 2.2 percent, to $20.47 in midday trading.

For the quarter ended in June, net income rose 16 percent to $245.2 million, or 38 cents per share, from $211.9 million, or 32 cents per share, a year ago. It was boosted by a gain of $26 million it its investment portfolio, which compares with a loss of $39.5 million a year ago.

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