The Progressive Corporation’s (NYSE:PGR) third-quarter 2019 earnings per share of $1.42 beat the Zacks Consensus Estimate of $1.33. However, the bottom line declined 9% from the year-ago quarter.
Behind the Headlines
Net premiums written were $9.6 billion in the quarter under review, up 12% from $8.6 billion in the year-ago period. Net premiums earned grew 14% year over year to $9 billion.
Net realized gains on securities were $65.4 million compared with $182.1 million in the year-ago quarter.
Combined ratio — percentage of premiums paid out as claims and expenses — deteriorated 160 basis points (bps) from the prior-year quarter’s level to 91.9%.
The Progressive Corporation Price, Consensus and EPS Surprise
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