(Adds Isabel losses, revenue)
NEW YORK, Oct 22 (Reuters) - Car insurer Progressive Corp. on Wednesday said its quarterly earnings rose 79 percent, helped by rising insurance rates.
The Mayfield Village, Ohio-based company said its third-quarter profit rose to $319.8 million, or $1.45 per share, from $178.5 million, or 80 cents per share, a year earlier.
The results for the quarter also included 1 cent per share in investment losses and a boost of 9 cents per share related to an expected tax refund.
Revenue rose 27 percent to $3.08 billion, as the company, like many insurers, has benefitted from higher rates that have been pushed through in the past few years.
The company said losses from Hurricane Isabel were $5.7 million in the quarter, with total catastrophe losses $13.3 million. This was more than double the $5.6 million from a year ago.