Progressive Posts Higher-Than-Expected 3Q Profit
October 16 2019 - 9:20AM
Dow Jones News
By Dave Sebastian
Progressive Corp. (PGR) reported lower third-quarter earnings
that beat expectations as net premiums earned rose.
The Mayfield Village, Ohio, insurance provider posted a profit
of $841.7 million, or $1.42 a share, for the quarter, down from
$928.4 million, or $1.57 a share, in the comparable quarter last
year. Analysts polled by FactSet were expecting $1.34 a share.
The company said net premiums written rose 12% to $9.62 billion
and net premiums earned rose 14% to $9.01 billion.
Progressive's pretax net realized gains on securities fell 64%
to $65.4 million for the quarter.
The company said its combined ratio, a measure of claims against
premiums, rose to 91.9% from 90.3% in the year-ago period.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
October 16, 2019 09:05 ET (13:05 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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