Progressive 3Q profit jumps on investment gains
MAYFIELD VILLAGE, Ohio -- Auto insurer Progressive said Wednesday that its third-quarter net income jumped 84 percent, boosted by gains on its investments.
Progressive earned $277 million, or 46 cents per share, in the three months ended in September, up from $150.7 million, or 24 cents per share, in the same quarter last year.
The most recent quarter's results included $171.9 million, before taxes, from an investment gain. Last year's quarter included a $52.6 million loss.
Premiums written, a measure of the value of new and renewal policies sold, also rose 10 percent during the quarter to $4.24 billion.
Progressive said its net premiums written for the third quarter rose 10 percent compared to the same quarter a year ago.
Net premiums earned, the portion of the premiums it earns when policies expire, rose 8 percent to $4.05 billion.
Shares of the Mayfield Village, Ohio, company rose 48 cents, or 2.2 percent, to $22.18 in late morning trading.