Progressive (NYSE:PGR) rose as much as 4.6%,touching an all-time high of $64.76, after reporting May EPS of 45 cents per share, more than triple the 14 cents it earned a year ago. In late morning trading, earlier gains were pared to 1.7%
Net premiums written up 20% to $2.41B; net premium earned up 21% to $2.36B; combined ratio 90.3 vs 96.4.
May operating EPS of 38 cents per share exceeded the consensus estimate of 22 cents, Bloomberg reports, citing a note by William Blair analyst Adam Klauber.
Meanwhile, Janney analyst Robert Glasspiegel expects PGR to generate profitable net premiums written growth based on the competitive landscape and strength in its direct and commercial business lines, Bloomberg says.
Previously: Progressive beats by $0.03, beats on revenue (April 17)