Progressive Corp

PGR: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$566.00	Tfzcxr	Lwqxhmvdc

Progressive Earnings: Strong Growth Comes at the Expense of Profitability

Brett Horn

Jul 13, 2023

Narrow-moat Progressive has navigated the current industry environment better than peers, but second-quarter results show that the company is not immune to the headwinds auto insurers are facing. Management appears to be trying to find the right balance between growth and profitability. While Progressive did see strong growth in the quarter, profitability was much less impressive. We will maintain our $107 fair value estimate and see the shares as a bit overvalued at the moment.

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