Progressive Insurance (PGR) reported third-quarter earnings for 2023 on Friday. For the quarter, the company's earnings per share (EPS) of $2.09 compares to $0.49 a year ago, beating the Zacks Consensus Estimate of $1.71.
The highlight of the report was that the company saw a significant increase in net premiums written. The company experienced a 20% year-over-year growth in net premiums written for the quarter, reaching $15.71 billion in revenue, slightly exceeding Zacks Consensus Estimate of $15.66 billion.
Several firms raised their price targets due to this increase. Progressive's stock price gapped up in response to the earnings report and closed the day up over 8%.
The broader insurance sector saw gains on Friday, likely in response to the positive report from Progressive. Travelers Insurance company had an increase of 2.17%, while Allstate jumped up 5.56%. Berkshire Hathaway, which owns Geico Insurance, had a slight increase of 0.37%.