Progressive Swings to 2Q Profit
Provided by
Dow Jones
By Will Feuer
Progressive swung to a second-quarter profit, but earnings came in lighter than Wall Street analysts had expected.
The Mayfield Village, Ohio-based insurance company reported second-quarter earnings of $345.4 million, or 57 cents a share, compared with a loss of $542.9 million, or 94 cents a share, in the same quarter a year ago. Analysts surveyed by FactSet were expecting earnings of 83 cents a share.
Net premiums written rose 18% to $14.72 billion, while net premiums earned climbed 19% to $14.46 billion.
Shares fell 3% to $127.90 in premarket trading.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
July 13, 2023 08:48 ET (12:48 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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