Progressive Corp. Q3 Profit Soars, Better Than View; Stock Up In Pre-market

(RTTNews) - The Progressive Corporation (PGR), an insurance company, on Friday reported a surge in net profit for the third-quarter, above the Street view.

Following the news, PGR was trading up by 4.50 percent at $149.33 per share in the pre-market trade on the New York Stock Exchange.

For the three-month period, the company posted a net income of $1.121 billion or $1.89 per share, higher than $124.1 million or $0.20 per share, recorded for the same period of previous year.

On average, 17 analysts polled by Thomson Reuters had expected the firm to register income per share of $1.72 per share, for the quarter. Analysts' estimates typically exclude special items.

Net premiums earned for the quarter improved to $14.894 billion from last year's $12.398 billion.

Net premiums written were at $15.593 billion, compared with $13.017 billion in 2022.