BUZZ-Progressive falls as June slowdown overshadows Q2 profit rise

** Shares of insurer Progressive ** fall 7% to $210.45

** PGR reports Q2 net income of $3.3 billion, or $5.67 per share, vs $3.2 billion, or $5.40 per share, a year earlier

** Companywide policies-in-force (PIF) growth more than halved year-over-year in June — slowing to 7% from 15%

** For June, PGR's net income fell 31% to $779 million and combined ratio rose to 90% from 86.6%

** Analyst have flagged that PIF growth has slowed and per policy written premium was lower for the quarter

** "We still see limited upside in the stock until growth returns, which is highly a function of industry pricing that we do not expect to invert soon given still-strong industry margins," Oppenheimer analyst Michael Phillips said in a note

** Including session's move, stock down 7.5% YTD