11:46 AM EDT, 10/15/2025 (MT Newswires) -- Progressive's (PGR) third-quarter profit rose less than Wall Street's expectations, while the insurance company's combined ratio deteriorated, sending its shares lower in Wednesday trading.

Earnings climbed to $4.45 per share for the September quarter from $3.97 a year earlier, but trailed the FactSet-polled consensus of $5.02. Net premiums written grew 10% to $21.38 billion, while premiums earned advanced 14%.

Progressive's combined ratio moved to 89.5% from 89% in the 2024 quarter, compared with the consensus of 87.2%. A ratio below 100% signals that the company is making an underwriting profit.

Last month's combined ratio topped 100%, compared with 93.4% a year ago.

Shares of Progressive, which offers personal and commercial insurance, slumped 8% intraday.

Companywide policies in force as of September increased 12% to nearly 38.1 million. Personal lines rose 13% to 36.88 million, driven by gains in auto special lines.

Price: 221.15, Change: -19.25, Percent Change: -8.01