🔴 Progressive is trading 5% down today in pre-market after Q3 EPS and premiums miss estimates

Progressive is trading 5.2% down at $211.29 after third-quarter EPS of $4.37 came in below the roughly $4.45 analyst consensus.

• Net premiums written totaled $22.3 billion, missing estimates by $210 million.
• The quarterly combined ratio was 88.7, improved from 89.5 a year earlier, while net income declined 3% year over year.
• The earnings release is the clearest company-specific catalyst for the October 14 pre-market drop.