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Progressive Posts August Loss Amid Hurricane Claims

By Matt Grossman

 

Progressive Corp. Friday posted a monthly loss in August as claims from Hurricane Ida weighed on the company's net result.

Progressive logged an August net loss of $6.6 million, or 2 cents a share. Last year, the insurer's August earnings were $487.4 million, or a profit of 83 cents a share.

Revenue in the month was $3.79 billion, against expenses of $3.8 billion.

The company recorded $341.9 million of catastrophe losses associated with Hurricane Ida in August.

 

Write to Matt Grossman at matt.grossman@wsj.com

 

(END) Dow Jones Newswires

September 17, 2021 08:40 ET (12:40 GMT)

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