Why Insurance Company Progressive's Shares Are Trading Higher Today

Progressive Corporation PGR shares are trading higher by over 8% after it reported above-consensus Q3 earnings per share.

The company disclosed that Q3 net premiums earned an increase of 20% Y/Y to $14.89 billion, which missed the consensus estimate of $15.46 billion.

Net premiums written rose 20% Y/Y at $15.59 billion in the quarter.

Also Read: Progressive's Strategic Ad Spend Cuts: Analyst Predicts Boost in FY24 EPS

Adjusted EPS of $2.09 beat the analyst consensus estimate of $1.72.

The combined ratio was 92.4% in Q3 vs 99.2% a year ago.

In September, the company witnessed net premiums earned of $4.65 billion (+20% Y/Y) and net premiums written of $4.90 billion (+22% Y/Y).

Total Personal Lines jumped 11% in September, while Total Commercial Lines increased 7%.

September's combined ratio was 89.7% vs 116.2% a year ago.

Price Action: PGR shares are up 8.02% at $154.94 on the last check Friday.

Market News and Data brought to you by Benzinga APIs
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsEquitiesNewsMarketsMoversGeneralBriefswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!