) earnings per share (EPS) for Apr 2013 were 23 cents, surging
130% from 10 cents earned in Apr 2012. Net income shot up 128%
year over year to $139.5 million in the reported month.
The company recorded net premiums of $1.78 billion in the
reported month, up 7% from $1.67 billion in the year-ago period.
Net premiums earned were $1.64 billion, up 7% from $1.53 billion
in the year-ago period.
Net realized gains on securities in Apr 2013 were $46.2 million,
rebounding from a loss of $7.9 million in the year-ago month.
Combined ratio − the percentage of premiums paid out as claims
and expenses − improved 130 basis points (bps) from the
prior-year month to 91.3% in the reported month.
Numbers in April
Progressive publishes monthly financial reports. During April,
policies in force remained healthy, with the Personal Auto
segment increasing 1% year over year and 0.3% sequentially.
Special Lines also increased 2% year over year and 0.9% over the
In Personal Auto, Direct Auto reported growth of 2% year over
year and 0.5% from the preceding month. Agency Auto inched down
0.2% year over year but improved 0.1% sequentially. Progressive's
Commercial Auto segment reported an increase of 6% both year over
year and sequentially.
Progressive's total expenses for the reported month increased
4.9% to $1.54 billion from $1.47 billion in Apr 2012. The major
components contributing to the increase in total expenses were a
3.6% rise in losses and loss adjustment expenses and a 17% hike
in other underwriting expenses.
Progressive reported book value per share of $10.85 as of Apr 30,
2013, up from $10.33 as of Apr 30, 2012 and from $10.59 as of Mar
Return on equity in Apr 2013 was 17.7%, up from 14.2% in Apr 2012
and 16.4% in Mar 2013. The debt-to-total-capital ratio was 24% as
of Apr 30, 2013, improving from 24.7% as of Apr 30, 2012 and from
24.4% as of Mar 31, 2013.
Progressive carries a Zacks Rank #3 (Hold). Other property and
AXIS Capital Holdings Ltd
Montpelier Re Holdings Ltd
Platinum Underwriters Holdings Ltd
), carry a Zacks Rank #1 (Strong Buy) and appear impressive.
AXIS CAP HLDGS (AXS): Free Stock Analysis
MONTPELIER RE (MRH): Free Stock Analysis
PROGRESSIVE COR (PGR): Free Stock Analysis
PLATINUM UNDRWT (PTP): Free Stock Analysis
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