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PGR

Progressive (PGR) Q1 Earnings Beat as Revenues Rise - Tale of the Tape

If you thought Progressive ( PGR ) is keener to insure your automobiles, hold on. With acquiring controlling interest in ARX Holding Corp. it will be bundling home with auto insurance coverage. It is increasingly focusing into this area.

Its policies in force (PIF) remain health as most of the business lines show improvement.

In addition, several initiatives by the company including Snapshot, expanding capabilities into mobile space pave the way for growth.

Though the company faces competition, positive tidings have been driving bullish sentiments. PGR does have a decent history when it comes to earnings as the stock has beaten estimates in the last four quarters, making for an average surprise of about 20.3%.

Currently, PGR has a Zacks Rank #3 (Hold), but that could definitely change following Progressive earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:

Earnings : Progressive beat on earnings. Our consensus called for EPS of 43 cents, and the company reported EPS of 46 cents.

Revenues: Revenues of $4.8 billion were almost in line the Zacks Consensus Estimate.

Key Stats to Note : Premiums written continue to post solid numbers, increasing 8% year over year in the reported quarter. Combined ratio exhibited improvement once again, improving 70 basis points.

Policies in force remained healthy, with the Personal Lines segment increasing 2% year over year to 13.5 million. Commercial Lines increased 3% year over year to 0.5 million.

Check back later for our full write up on this PGR earnings report later!

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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