Why Progressive Shares Are Seeing Blue Skies Today

Progressive Corp PGR shares are trading higher by around 9% after the company reported July 2023 results.

The company issued monthly results today, reporting an increase in net premiums written to 21% to $5.95 billion in July.

Net premium earned rose 20% to $5.65 billion, and total policies in force grew 11% to 29.6 million last month.

The company also reported a net income of $604.4 million versus $688.8 million in June 2022. EPS for the month declined 13% to $1.02.

The combined ratio stood at 90.6% versus 89.8% in July 2022.

Last month, the company disclosed Q2 FY23 net premiums earned an increase of 19% Y/Y to $14.46 billion, which missed the consensus estimate of $14.98 billion, and adjusted EPS of $0.40 missed the analyst consensus of $0.87.

Price Action: PGR shares are up by 9.06% at $136.38 on the last check Wednesday.