Earnings Review and Free Research Report: The Progressive’s Net Premiums Written Jumped 18%; EPS Advanced 11.8%

LONDON, UK / ACCESSWIRE / October 19, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on The Progressive Corp. (NYSE: PGR) (“Progressive”), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=PGR, following the Company’s posting of its financial results on October 17, 2017, for the third quarter of the fiscal year 2017. The insurer’s net premiums earned climbed 14%, while it also topped earnings expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member’s account at:

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Earnings Reviewed

For the three months ended June 30, 2017, Progressive’s net premiums written totaled $7.14 billion, up 18% compared to net premiums written worth $6.05 billion in Q3 2016. The Company’s net premiums earned grew 14% to $6.54 billion on a y-o-y basis in the reported quarter versus net premiums earned of $5.72 billion in the prior year’s comparable quarter.

For August 2017, Progressive reported net premiums written of $2.21 billion, reflecting growth of 16% compared to net premiums written worth $1.91 billion in August 2016. The Company’s net premiums earned in August 2017 grew 14% to $2.02 billion on a y-o-y basis versus net premiums earned of $1.77 billion in the prior year’s corresponding quarter.

For Q3 2017, Progressive’s total pre-tax net realized gains on securities, including net impairment losses, were negative $24.7 million, up 19% on a y-o-y basis compared to negative $20.7 million in the prior year’s same quarter. The Company’s combined ratio, which is a percentage of premiums paid out as claims and expenses, was 97.4 for the reported quarter, reflecting a drop of 0.8 points compared to a combined ratio of 96.6 for the prior year’s same quarter.

Progressive reported net income of $224.0 million, or $0.38 per share, for Q3 2017 compared to net income of $198.7 million, or $0.34 per share, for Q3 2016; both reflecting a growth of 13% on a y-o-y basis. The Company’s earnings exceeded Wall Street’s expectations of $0.30 per share.

Key Metrics

As of September 2017, Progressive had 11.40 million policies in force in the Personal Auto segment, reflecting a growth of 11% compared to 10.30 million policies in force in September 2016. The Company’s Special Lines policies totaled 4.40 million policies, up 2% versus $4.29 million policies in the year-ago comparable period.

For September 2017, Progressive’s personal lines policies in force grew 8% to 15.80 million compared to 14.60 million personal lines policies in force in September 2016. The Company’s commercial lines policies totaled 638.6 thousand in September 2017, up 4% compared to 612.7 thousand policies in September 2016. Progressive’s total property business policies in force surged 16% to 1.38 million in September 2017 compared to 1.18 million in September 2016.

Cash Matters

As of September 30, 2017, Progressive’s book value per share totaled $15.97, up 14.6% on a y-o-y basis. The Company’s return on equity on a trailing 12-month basis came in at 18.4%, adding 200 basis points from the year-ago corresponding period. Progressive’s debt-to-total capital ratio totaled 26.30% as of September 30, 2017.

Stock Performance

The Progressive’s share price finished yesterday’s trading session at $48.09, marginally down 0.95%. A total volume of 4.10 million shares have exchanged hands, which was higher than the 3-month average volume of 3.46 million shares. The Company’s stock price skyrocketed 3.46% in the last three months, 22.02% in the past six months, and 49.91% in the previous twelve months. Additionally, the stock soared 35.46% since the start of the year. Shares of the Company have a PE ratio of 20.43 and have a dividend yield of 1.41%. The stock currently has a market cap of $27.99 billion.

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