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Progressive Corp. Q3 Profit Plummets - Quick Facts

Progressive Corp. (PGR) reported Thursday that its net income attributable to the company for the third quarter plummeted to $118.5 million or $0.19 per share from $1.53 billion or $2.59 per share in the prior-year quarter.

On average, 14 analysts polled by Thomson Reuters expected the company to report earnings of $0.21 per share for the quarter. Analysts' estimates typically exclude special items.

Net premiums written for the quarter grew 13 percent to $12.45 billion from $11.02 billion last year. Analysts expected revenue of $12.32 billion for the quarter. Net premiums earned were $11.36 billion, up 14 percent from $9.97 billion in the previous year.

For the month of September, the company reported a net loss of $130.3 million or $0.23 per share, compared to net income of $231.4 million or $0.39 per share last year.

Net premiums written for the month increased 15 percent to $4.0 billion from $3.47 billion in the prior year. Net premiums earned were $3.54 billion, up 14 percent from $3.10 billion in the previous year.

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