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.
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