Auto insurance group Progressive Corp. (PGR) reported Wednesday a profit for the third quarter, compared to a loss in the same period last year, following a modest 1% rise in net premiums written and net premiums earned.
The Mayfield Village, Ohio-based company posted third-quarter net income of $269.9 million or $0.40 per share, compared to a net loss of $684.2 million or $1.03 per share in the prior-year quarter.
According to the company, for 2009, amounts disclosed are diluted earnings per share, while in 2008, due to the net loss reported in the month, quarter, and year-to-date periods, the calculated diluted earnings per share was antidilutive and therefore, basic earnings per share is disclosed. On average, 15 analysts polled by Thomson Reuters expected the company to report earnings of $0.33 per share for the quarter. Analysts' estimates typically exclude special items.
Net premiums earned for the quarter increased 1% to $3.44 billion from $3.42 billion in the same quarter last year. Nine analysts had a consensus revenue estimate of $3.55 billion for the quarter. Net premiums written were $3.55 billion, up 1% from $3.51 billion in the comparable quarter a year ago.
For the month of September, Progressive posted net income of $100 million or $0.15 per share, compared to a net loss of $630.8 million or $0.95 per share in the same month last year. In August, the company had reported net income of $55 million or $0.08 per share, compared to a loss of $135.2 million or $0.20 per share in the year earlier period.
Net premiums earned for the month of September increased 1% to $1.06 billion from $1.05 billion in the prior-year period. Net premiums written were $1.04 billion, compared to $1.02 billion in the same month in 2008. Total revenues for the month were $1.11 billion, the company said. Total expenses for the month of September were $993.5 million. Year-to-date, the company posted net income of $752.5 million or $1.12 per share, compared to a net loss of $229.3 million or $0.34 per share in the previous year.
In its second quarter, Progressive had posted an increase in profit from the prior year, with 1% rise in net premiums written and premiums earned. Meanwhile, profit surged 190% for the month of June. Net income for the second quarter advanced 16% to $250.1 million or $0.37 per share from the previous year's income of $215.5 million or $0.32 per share. Second-quarter results included $15.9 million of pre-tax investment gains, compared with a prior year loss of $44.6 million. Net premiums written for the second quarter totaled $3.53 billion, up 1% from $3.51 billion in the same quarter of last year and net premiums earned edged up 1% to $3.44 billion from $3.41 billion generated in the comparable quarter a year ago. The company is scheduled to release October results on Tuesday, November 10, after the market closes. PGR is currently trading at $16.73, up $0.28 or 1.7%, on a volume of 952 thousand shares. In the past 52 weeks, the shares have been trading in the range of $9.76 - $17.50 on the NYSE.
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