Auto insurer Progressive (NYSE:PGR) announced that third-quarter income increased by 84 percent and was boosted by gains on certain investments. The company earned $277 million, or 46 cents per share, up from $150.7 million, or 24 cents per share in the same period last year. Premiums written increased by 10 percent during the quarter to $4.24 billion. Net premiums earned increased by 8 percent to $4.05 billion.
Shares are higher by over two percent.
Rival Allstate Corporation (NYSE:ALL) will announce earnings on November 1.
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