Progressive Shares Fall on Soft 2Q Earnings
14 July 2023 - 2:25AM
Dow Jones News
By Will Feuer
Shares of Progressive fell more than 12% after the insurance
company reported second-quarter earnings that were below Wall
Street analysts' expectations.
The stock dropped 12.3% to $115.85 in morning trading, on pace
for its largest one-day percent decline since Oct. 7, 2008. Over
the past 12 months, the stock is down more than 1%.
The Mayfield Village, Ohio-based insurance company reported
second-quarter earnings of $345.4 million, or 57 cents a share,
compared with a loss of $542.9 million, or 94 cents a share, in the
same quarter a year ago. Analysts surveyed by FactSet were
expecting earnings of 83 cents a share.
Net premiums written rose 18% to $14.72 billion, while net
premiums earned climbed 19% to $14.46 billion.
The company said it experienced unfavorable prior accident years
reserve development of $137.8 million tied mostly to increases from
actuarial reserve reviews in its personal auto products.
The company is scheduled to hold its quarterly conference call
on Aug. 2.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
July 13, 2023 12:10 ET (16:10 GMT)
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