Progressive Profit Up Substantially -- Update

   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 [e-mail]

(END) Dow Jones Newswires

October 16, 2018 09:46 ET (13:46 GMT)

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