) earnings per share (EPS) for Jan 2013 were 22 cents, improving
81% from 12 cents in the year-ago period. Net income increased
79% to $134.2 million in the reported month.
The company recorded net premiums of $1.54 billion in the
reported month, up 5% from $1.46 billion in the year-ago period.
Net premiums earned were $1.59 billion, up 9% from $1.46 billion
in the year-ago period.
Net realized gains on securities in Jan 2013 were $42.4 million,
improving 256% from $11.9 million in the year-ago month. The
combined ratio − the percentage of premiums paid out as claims
and expenses − deteriorated 380 basis points (bps) from the
prior-year month to 91.1% in the reported month.
Numbers in January
Progressive publishes monthly financial reports. During January,
policies in force remained healthy, with the Personal Auto
segment increasing 2% year over year but down 0.3% sequentially.
Special Lines also increased 4% year over year, though it
declined 0.2% from the preceding month.
In Personal Auto, Direct Auto reported growth of 3% year over
year but inched down 0.1% from the preceding month. Agency Auto
was up 2% year over year but down 0.5% from the last month.
Progressive's Commercial Auto segment reported an increase of 1%
year over year but declined 0.5% sequentially.
Total expenses for the reported month increased 4% to $1.49
billion from $1.43 billion in Jan 2012. The major components
contributing to the increase in total expenses were a 5% rise in
losses and loss adjustment expenses and a 4% hike in other
Progressive reported book value per share of $10.21 as of Jan 31,
2013, up from $9.78 as of Jan 31, 2012 and from $9.94 as of Dec
Return on equity in Jan 2013 was 17.1%, up from 15.9% in Jan 2012
but declining from 17.4% in Dec 2012. The debt-to-total-capital
ratio was 25.1% as of Jan 31, 2013, down from 25.9% as of Jan 31,
2012 and from 25.6% as of Dec 31, 2012.
Progressive carries a Zacks Rank #3 (Hold). Other property and
Cincinnati Financial Corp
XL Group plc
), carry a Zacks Rank #1 (Strong Buy) and appear impressive.
CINCINNATI FINL (CINF): Free Stock Analysis
PROGRESSIVE COR (PGR): Free Stock Analysis
RLI CORP (RLI): Free Stock Analysis Report
XL GROUP PLC (XL): Free Stock Analysis Report
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