Progressive Corp (NYSE:PGR) shares are moving higher Wednesday. The insurer posted strong first‑quarter results before the market opened. Here’s what you should know.
- Progressive stock is showing upward movement. What’s driving PGR shares up?
Earnings Beat, Strong Profit Growth
Progressive reported first-quarter earnings of $4.96 per share, topping analyst expectations of $4.87. Profit rose 6.4% from the same quarter last year, and net income for the quarter climbed to $2.82 billion, up 10% year‑over‑year.
The company also delivered solid top‑line growth. Quarterly sales rose 8% to $20.97 billion, though it didn’t meet the $22.96 estimate. Net premiums written increased 22% year-over-year to $23.64 billion.
Progressive’s combined ratio — a key measure of underwriting performance — improved to 86.4, slightly better than last year’s 86.0.
March results also showed momentum: net income jumped 36% year‑over‑year for the month, and premiums earned and written both posted double‑digit gains.
Policies in Force Continue to Grow
Progressive ended March with 39.6 million policies in force, up 9% from last year. Growth was broad‑based across personal auto, direct auto, special lines and commercial lines, signaling continued market share gains.