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Progressive Corp PGR Stock Quote

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Morningstar‘s Stock Analysis PGR

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Progressive Is one of the Strongest Franchises in the Insurance Industry

Brett Horn, CFA Senior Equity Analyst

Business Strategy and Outlook

| Brett Horn, CFA |

Progressive is one of the strongest franchises in the insurance industry and had been firing on all cylinders until recently. 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 executed a more than sufficient pricing response. Progressive fully moved past the issue, and, prior to the pandemic, underwriting margins were at the high end of its historical range.

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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 Jun 30, 2022
Fiscal Year End Dec 31, 2022
Employees 49,000

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