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Progressive Corp PGR Stock Quote

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NYSE:PGR

Morningstar‘s Stock Analysis PGR

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Is it the right time to buy or sell?

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It's the Best of Times and the Worst of Times for P&C Insurers

Brett Horn, CFA Senior Equity Analyst

Analyst Note

| Brett Horn, CFA |

Given the differing states of the pricing cycle across lines and recent capital market movements, property and casualty insurers have a variety of tailwinds and headwinds at the moment. Commercial line insurers have seen strong pricing increases over the past few years, and we think the outlook for that area is relatively bright, as attractive underlying combined ratios create a solid base for strong profitability. Conversely, following a burst of abnormally high profitability in the early stage of the pandemic, personal auto insurers have struggled with a number of headwinds more recently, which has pushed most players into significant underwriting losses. Higher interest rates have reduced carrying value for fixed-income investments but offer the possibility of better investment income going forward. Finally, the bear market creates issues for insurers with an equity-heavy investment approach.

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Key Statistics PGR

Company Profile PGR

Business Description

Progressive underwrites private and commercial auto insurance and specialty lines; it has over 20 million personal auto policies in force and is the fourth-largest auto insurer in the United States. Progressive markets its policies through independent insurance agencies in the U.S. and Canada and directly via the internet and telephone. Its premiums are split roughly equally between the agent and the direct channel. The company also offers commercial auto policies and entered homeowners insurance through an acquisition in 2015.

Contact
6300 Wilson Mills Road
Mayfield Village, OH, 44143
T +1 440 461-5000
Industry Insurance - Property & Casualty
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 49,000

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