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Progressive Corp - Stock Quote PGR

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Morningstar's Progressive Corp Stock Analysis

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Progressive Faces Headwinds in First Quarter

Brett Horn, CFA Senior Equity Analyst

Analyst Note

| Brett Horn, CFA |

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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Progressive Corp's Company Profile

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.

6300 Wilson Mills Road
Mayfield Village, OH, 44143
T +1 440 461-5000
Sector Financial Services
Industry Insurance - Property & Casualty
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Classic Growth
Employees 49,000

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