Progressive 3Q Profit Falls, Swings to Loss for September
October 14 2021 - 9:12AM
Dow Jones News
By Dave Sebastian
Progressive Corp. said its profit fell for the third quarter and
swung to a loss for September as the company booked losses related
to Hurricane Ida.
The provider of personal and commercial insurance on Thursday
posted net income of $118.5 million for the quarter, compared with
$1.53 billion in the year-ago period. Earnings were 19 cents a
share, compared with $2.59 a share in the prior year. Analysts
polled by FactSet were expecting 62 cents a share.
The company posted net loss of $130.3 million for September,
compared with a profit of $231.4 million in the same month last
year. It reported a loss of 23 cents a share, compared with a
profit of 39 cents a share in the prior year.
In September, the company booked $167.6 million in catastrophe
losses associated with Hurricane Ida. It said its vehicle
businesses incurred most of the losses during the month, primarily
in New Jersey, New York and Pennsylvania.
Through the end of September, the company said it has incurred
about $510 million in catastrophe losses, net of reinsurance, for
Hurricane Ida, with nearly two-thirds of losses reflected in its
vehicle businesses and the rest in its property business.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
October 14, 2021 08:57 ET (12:57 GMT)
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