Why Progressive Shares Are Seeing Blue Skies Today
Portfolio Pulse from Lekha Gupta
Progressive Corp's shares are trading higher by around 9% after the company reported its July 2023 results. The company saw an increase in net premiums written to 21% to $5.95 billion in July. Net premium earned rose 20% to $5.65 billion, and total policies in force grew 11% to 29.6 million last month. However, the company reported a net income of $604.4 million, a decrease from $688.8 million in June 2022, and EPS for the month declined 13% to $1.02.
August 16, 2023 | 2:45 pm
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Progressive Corp's shares are up following the release of their July 2023 results. Despite a decrease in net income and EPS, the company saw an increase in net premiums written and total policies in force.
The increase in Progressive Corp's share price can be attributed to the positive results reported for July 2023. Despite a decrease in net income and EPS, investors seem to be focusing on the increase in net premiums written and total policies in force, which are key indicators of the company's growth and profitability.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100