Progressive (PGR) - Get Progressive Corporation Report shares were sliding 4.4% to $71.66 Wednesday after the insurance company beat Wall Street's third-quarter earnings expectations but missed on the premium forecasts.
The Mayfield, Ohio-based company reported earnings of $841.7 million, or $1.42 a share, compared with $928 million, or $1.57 a year ago. Analysts had expected earnings of $1.31 a share.
Net premiums earned totaled $9.01 billion, up 14% from a year, but were short of Wall Street's call for $9.05 billion. Net premiums written came to $9.62 billion, a 12% increase from a year ago, but missed analysts' expectations of $9.65 billion.
The combined ratio, which indicates the percentage of premiums paid out as claims and expenses, was 91.9% compared with 90.3% a year ago, and matched Wall Street's estimate of 91.9%.
Progressive provides insurance for personal and commercial cars and trucks, motorcycles, boats, recreational vehicles and homes.