(Reuters) -Progressive Corp reported second-quarter revenue that greater than doubled on Wednesday, boosted by strong efficiency in its private traces insurance coverage enterprise, sending its shares up 1.5%.
Insurance coverage spending remained resilient in the course of the quarter, as companies and people continued spending on insurance policies to guard towards dangers in a tricky macroeconomic setting, regardless of rising premiums.
Insurance coverage firms have been additionally helped by a stable U.S. job progress. The corporate had 36.1 million private insurance coverage insurance policies in power, 16% increased than final yr.
Internet premiums written rose 12% to $20.08 billion within the quarter and its mixed ratio improved to 86.2% from 91.9% year-on-year. A ratio under 100% signifies the insurer earned extra in premiums than it paid out in claims.
Internet revenue of the insurer got here in at $3.18 billion, or $5.40 per share, within the three months ended June 30, in contrast with $1.46 billion, or $2.48 per share, a yr in the past.
The Mayfield Village, Ohio-based firm’s shares have gained practically 1% in 2025, as of final shut, in comparison with a 6.2% rise within the benchmark S&P 500 index.
(Reporting by Pritam Biswas in Bengaluru; Enhancing by Tasim Zahid)
