Progressive Corp

PGR: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$219.00	Pslgmy	Hwhsyfdqcd

Progressive Faces Headwinds in First Quarter

Brett Horn

Apr 18, 2022

Progressive’s first-quarter results show the company battling against material headwinds. The trailing 12-month ROE of 12% was solid in an absolute sense but well below historical averages for the narrow-moat franchise. Still, we think Progressive is holding up reasonably well as the personal auto insurance industry works through a difficult period. We will maintain our $86 fair value estimate.

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