logo
  

Progressive Q1 Earnings Rise, Above Estimates

Auto insurance company The Progressive Corp. (PGR) on Thursday reported higher earnings and revenues in the first-quarter, helped by an increase in net premiums earned. The company's results came in above the Street estimates.

The company posted first-quarter net income of $1.48 billion or $2.51 per share, up from $692.7 million or $1.17 per share in the same period last year.

On average, 18 analysts polled by Thomson Reuters expected the company to report earnings of $1.72 per share in the quarter. Analysts' estimates usually exclude one-time items.

Quarterly revenues rose 23 percent to $11.4 billion from $9.3 billion in the year-ago period. On average, 7 analysts expected the company to report revenues of $11.2 billion in the quarter.

During the quarter, net premiums earned was up 10 percent to $10.4 billion from $9.4 billion in the prior-year period. Net written premiums rose 19 percent to $11.7 billion from $9.8 billion a year ago.

The company's investment income declined 9 percent to $220.2 million from $241.2 million in the corresponding quarter last year.

Combined ratio was up 2.4 points during the quarter to 89.3 from 86.9 in the previous-year period.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
CVS Health is set to recruit qualified candidates to fill 25,000 clinical and retail jobs during a one-day national career event on Friday, September 24. This will enable CVS to meet the high demand for pharmacists, pharmacy technicians, nurses, and retail store associates to support flu season, COVID-19 vaccinations and testing. Twitter, Inc. (TWTR) announced Monday that it has entered into a binding agreement to settle the consolidated class action lawsuit commenced in 2016 in the United States District Court for the Northern District of California. Under the terms of the proposed settlement, Twitter will pay $809.5 million... Drug major Pfizer has again expanded the earlier two recalls of its anti-smoking Drug Chantix (Varenicline) in the form of tablets, to now include all the lots, for the potential presence of nitrosamine impurity, N-Nitroso- varenicline, at or above the FDA interim acceptable intake limit (ADI), the U.S. Food and Drug Administration or FDA said in a statement.
Follow RTT