Progressive Corporation (PGR), an insurance provider, on Thursday reported a rise in earnings for the first-quarter, amidst an increase in premiums earned and total revenue. However, the company's earnings missed the Street view.
In addition, for the month of March, PGR posted a net loss of $151.8 million or $0.26 per share, compared with a profit of $226.5 million or $0.38 per share, registered for the same month of 2022.
he company said: "In March, the company experienced unfavorable prior accident years reserve development of 3.4 points with unfavorable development of 4.6 points for the first quarter 2023. About 55% of the March unfavorable development was in our personal auto products. The majority of the unfavorable development in personal auto reflects activity that came as a result of recently passed legislation in Florida."
Following the news, PGR is trading down by 7.74 percent at $136.62 per share on the NYSE.
For the three-month period, the Ohio-headquartered firm reported a net income of $447.9 million or $0.75 per share, higher than $313.9 million or $0.52 per share, reported for same period of previous year.
Analysts, on average, had expected the company to earn $1.37 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
Pre-tax income was at $554.4 million, compared with $390.2 million a year ago.
Net premiums earned moved up to $13.533 billion from last year's $11.802 million.
Net premiums written stood at $16.109 billion, versus $13.181 billion of previous year.
Total revenue increased to $14.303 billion from $11.841 billion of last year.
For the month of March, net premiums earned improved to $4.323 billion from $3.702 billion a year ago.
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