Progressive Profit Up Substantially -- Update
17 October 2018 - 1:01AM
Dow Jones News
By Allison Prang
Profit rose substantially at Progressive Corp. (PGR) as net
premiums written and net premiums earned both climbed by at least
20%.
Progressive reported earnings of $928.4 million, or $1.57 a
share, more than triple the $224 million, or 38 cents a share, the
company reported earning from the comparable quarter a year ago.
Analysts polled by Refinitiv were expecting earnings per share of
$1.18.
Net premiums written rose 20% to $8.6 billion. Analysts polled
by Refinitiv were expecting $8.41 billion.
Net premiums earned rose 21% to $7.93 billion.
Progressive said it expects about $60 million in losses from its
vehicle businesses due to Hurricane Michael, with property business
losses from the October storm not expected to exceed $60
million.
Progressive said more than half of the $45 million in
catastrophe losses it had in September were because of Hurricane
Florence. For September, about $26 million of those losses were for
the company's vehicle businesses and about $19 million were for its
property business, Pogressive said.
Shares rose 2.8% in premarket trading. They've risen 18% in
2018.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
October 16, 2018 09:46 ET (13:46 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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