Progressive Corp (NYSE:PGR) shares jumped close to 8% on Friday morning after the motor and home insurer reported third-quarter premiums and earnings that beat analysts’ forecasts.
For the three months ended September 30, 2023, the US’s second-largest auto insurer reported a 20% rise in net premiums written to $15.6 billion, ahead of the $15.4 billion analysts’ consensus estimate. Net premiums earned came in 20% higher too, at $14.9 billion.
Total personal lines policies in force rose 11% to 25.5 million, while commercial lines policies grew by 7% to 1.11 million and property business increased by 7% to 3.03 million.
The company reported net income for the quarter of $1.12 billion, up from $124 million a year earlier, resulting in earnings per share of $1.89, up from $0.20 and ahead of the $1.71 expected by the Street.
Its shares rose 7.8% to $154.01 by late morning in New York.
Contact the author at stephen.gunnion@proactiveinvestors.com