If you thought Progressive (PGR) is keener to insure your automobiles, hold on. With its acquisition in the pipeline (acquiring controlling interest in ARX Holding Corp.) it will be bundling home with auto insurance coverage. It is increasingly focusing into this area.
Its policies in force (PIF) remain healthy, though Commercial Auto segment remains soft. Pricing actions taken are benefiting the same.
In addition, several initiatives by the company including Snapshot, expanding capabilities into mobile space pave the way for growth.
Though the company faces competition, positive tidings have been driving bullish sentiments as evident from consensus estimate being north bound. PGR does have a decent history when it comes to earnings as the stock has beaten estimates in the last four quarters, making for an average surprise of about 19.2%.
Currently, PGR has a Zacks Rank #3 (Hold), but that could definitely change following Progressive earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:
Earnings: Progressive beat on earnings. Our consensus called for EPS of 43 cents, and the company reported EPS of 60 cents.
Key Stats to Note: Premiums continue to post solid numbers, increasing 14% year over year in the reported quarter. Combined ratio exhibited improvement once again, improving 290 basis points.
Policies in force remained healthy, with the Personal Auto segment increasing 2% year over year to 9.2 million. Special Lines increased 1% year over year to 4 million.
Check back later for our full write up on this PGR earnings report later!
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