) earnings per share for Oct 2013 were 19 cents, surging 46.1%
from 13 cents in the year-ago month. Net income also increased
47.2% year over year to $112.3 million.
Progressive Corp. recorded net premiums written of $1.66 billion
in the month under review, up 5.6% from $1.57 billion in the
year-ago month. Net premiums earned were $1.67 billion, up 5.8%
from $1.57 billion in the year-ago month.
Net realized gains on securities in the month were $4.8 million,
plummeting from $24.3 million in the year-ago quarter. Combined
ratio − the percentage of premiums paid out as claims and
expenses − improved 500 basis points from the prior-year month to
91.5% in the reported month.
Numbers in October
Progressive Corp. publishes monthly financial reports. During
October, policies in force remained healthy, with the Personal
Auto segment increasing 2.2% year over year and almost unchanged
sequentially. Special Lines increased 1.2% year over year but
decreased 0.5% sequentially.
In Progressive Corp.'s Personal Auto segment, Direct Auto grew
4.5% year over year and 0.5% over the preceding month. Agency
Auto increased 0.3% year over year, although remained in line
with preceding month level. Progressive's Commercial Auto segment
declined 0.4% from the year-ago period as well as sequentially.
Total expenses for the reported month increased 2.2% to $1.56
billion from $1.53 billion in Oct 2012. The increase was mainly
attributable to a 27.6% rise in other underwriting expenses and
2.6% increase in policy acquisition costs.
Progressive Corp. reported book value per share of $11.68 on
Oct 31, 2013, up from $11.32 as of Sep 30, 2013.
ALLIED WORLD AS (AWH): Free Stock Analysis
PROGRESSIVE COR (PGR): Free Stock Analysis
HANOVER INSURAN (THG): Free Stock Analysis
ALLEGHANY CORP (Y): Free Stock Analysis
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Return on equity on a trailing 12-month basis was 17.9%, compared
with 17.5% in Sep 2013. The debt-to-total capital ratio was 21%
as of Oct 31, 2013, improving from 22.8% as of Sep 30, 2013.
Progressive Corp. presently carries a Zacks Rank #3 (Hold). Other
Allied World Assurance
The Hanover Insurance Group Inc.
), each carrying a Zacks Rank #1 (Strong Buy) appear