Selected Reads

Smartkarma

Equity Bottom-Up

For those of us that don't spend much time in the unprofitable (or at least very little cash flow) tech space, Progressive may be the most fascinating situation among major...<a target="_blank" href="https://www.valueinvestorsclub.com/idea/PROGRESSIVE_CORP-OHIO/1557970207">Read the article on Value Investor Club »</a>

Morningstar

Morningstar, Inc.

Progressive has been playing with a hot hand recently, as strong pricing increases buoyed underwriting profitability, and the ability to bundle homeowners insurance has spurred growth in the agent channel. As a result, profitability and growth have been above the company’s historical range, with trailing 12-month ROE at a very impressive 28%. We think the franchise has a narrow moat and is well managed, but we also believe that mean reversion is inevitable for Progressive and that the current…

Progressive continues to deliver strong results as it is still benefiting from a couple of tailwinds. Its 12-month trailing return on equity of 27% is strong support for our narrow moat rating and well above the company’s historical range. However, we continue to expect mean reversion over time. While bottom-line results don’t show any impact yet, we see some signs in the numbers that suggest it will come. We will maintain our $57 fair value estimate
Progressive continues to see strong growth.…

Progressive is one of the strongest franchises in the insurance industry, and it is currently firing on all cylinders. The auto industry had seen an uptick in costs in previous years, as a multitude of factors ranging from low gas prices to distracted driving pushed up claims. This compressed industry underwriting margins, but Progressive and the industry have executed a more than sufficient pricing response. Progressive has fully moved past the issue, and underwriting margins are now at the low…

United States

The Progressive Corporation is an insurance holding company. The Company, through its subsidiaries, provide personal and commercial automobile insurance and other specialty property-casualty insurance and related services throughout the United States.

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