Progressive falls after Q3 profit declines and policy growth slows
PGR•Progressive shares fell 9.3% after third-quarter net income declined to $2.5 billion, or $4.37 per share, from $2.62 billion, or $4.45 per share, a year earlier. Company-wide policies-in-force growth slowed to 6% in September from 7% in June.
1. Profit and growth ease
Progressive reported third-quarter net income of $2.5 billion, or $4.37 per share, compared with $2.62 billion, or $4.45 per share, a year earlier. Company-wide policies-in-force growth slowed to 6% in September from 7% in June, and shares fell 9.3%.
