By Dave Sebastian

 

Progressive Corp. said its profit fell for the third quarter and swung to a loss for September as the company booked losses related to Hurricane Ida.

The provider of personal and commercial insurance on Thursday posted net income of $118.5 million for the quarter, compared with $1.53 billion in the year-ago period. Earnings were 19 cents a share, compared with $2.59 a share in the prior year. Analysts polled by FactSet were expecting 62 cents a share.

The company posted net loss of $130.3 million for September, compared with a profit of $231.4 million in the same month last year. It reported a loss of 23 cents a share, compared with a profit of 39 cents a share in the prior year.

In September, the company booked $167.6 million in catastrophe losses associated with Hurricane Ida. It said its vehicle businesses incurred most of the losses during the month, primarily in New Jersey, New York and Pennsylvania.

Through the end of September, the company said it has incurred about $510 million in catastrophe losses, net of reinsurance, for Hurricane Ida, with nearly two-thirds of losses reflected in its vehicle businesses and the rest in its property business.

 

Write to Dave Sebastian at dave.sebastian@wsj.com

 

(END) Dow Jones Newswires

October 14, 2021 08:57 ET (12:57 GMT)

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