Progressive Q3 profit falls on weaker investments, Hurricane Irene
Insurer Progressive (NYSE:PGR) said Wednesday that third-quarter profit fell 42% on a deline in the value of its investments and weaker underwriting results as Hurricane Irene hit the East Coast in August.
For the three months that ended September 30, net income fell to $150.7 million from $261.6 million a year earlier, with earnings per share declining 40% to $0.24 from $0.40 last year.
Progressive, the fourth largest auto insurer in the US, also announced policy data for the month of September.
Total personal auto insurance policies climbed to 8.41 million from 8.03 million a year earlier, with total number of personal policies - comprising its automotive and property insurance policies - in force during the month of September up 5% at 12.2 million from 11.7 million a year earlier.
Shares in the insurer were up 0.11% at $18.39 as at 11.57am EDT.
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