Insurance company Progressive jumped to all-time highs after reporting third-quarter results. 📈
Its adjusted earnings per share of $1.89 topped estimates of $1.72, while net premiums written and earned both rose 20%. Analysts had anticipated net premiums written of $15.38 billion vs. actual results of $15.59 billion. 🔺
The insurance industry has been facing significant cost pressures over the last few years but has compensated for that by raising customers’ premiums. Progressive’s diversified mix of policies and coverage areas has allowed it to hold up better than some of the more concentrated insurers.
$PGR shares continued their upward trend on the news. 🤩
