Why Insurance Company Progressive's Shares Are Trading Higher Today

Progressive Corporation PGR shares are trading higher by over 8% after it reported above-consensus Q3 earnings per share.

The company disclosed that Q3 net premiums earned an increase of 20% Y/Y to $14.89 billion, which missed the consensus estimate of $15.46 billion.

Net premiums written rose 20% Y/Y at $15.59 billion in the quarter.

Also Read: Progressive's Strategic Ad Spend Cuts: Analyst Predicts Boost in FY24 EPS

Adjusted EPS of $2.09 beat the analyst consensus estimate of $1.72.

The combined ratio was 92.4% in Q3 vs 99.2% a year ago.

In September, the company witnessed net premiums earned of $4.65 billion (+20% Y/Y) and net premiums written of $4.90 billion (+22% Y/Y).

Total Personal Lines jumped 11% in September, while Total Commercial Lines increased 7%.

September's combined ratio was 89.7% vs 116.2% a year ago.

Price Action: PGR shares are up 8.02% at $154.94 on the last check Friday.