- Progressive ( NYSE: PGR ) stock climbed as much as 3.8% in Wednesday morning trading as the property casualty insurer's Q4 net premiums earned drove up more than expected from a year before and its combined ratio improved against a backdrop of persistent inflation.
- Still, the company's Q4 EPS of $1.40 fell short of the $1.77 average analyst estimate and retreated from $1.60 in the year-ago quarter.
- Net premiums earned of $12.89B, exceeding the $12.42B consensus, advanced 11% from Q4 2021, while net premiums written of $12.46B (compared with the $12.30B Visible Alpha consensus) gained 16%.
- Combined ratio came in at 93.9 versus 94.7 in Q4 2021.
- Total pretax net realized losses on securities were $72.8M compared with gains of $425.3M a year earlier.
- Earlier, Progressive GAAP EPS of $1.40 misses by $0.37, net premiums earned of $12.89B beats by $470M.
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Progressive stock perks up even after Q4 earnings fall more than expected