Progressive Posts Mixed Feb Results - Analyst Blog
14 Mars 2013 - 1:08PM
Zacks
Progressive Corp.’s (PGR) earnings per share
(EPS) for Feb 2013 were 17 cents, flat with the year-ago period.
Net income decreased 6% to $100.2 million in the reported
month.
The company recorded net premiums of $1.49 billion in the reported
month, up 8% from $1.39 billion in the year-ago period. Net
premiums earned were $1.29 billion, up 8% from $1.19 billion in the
year-ago period.
Net realized gains on securities in Feb 2013 were $19.5 million,
declining 34% from $29.4 million in the year-ago month. The
combined ratio − the percentage of premiums paid out as claims and
expenses − deteriorated 20 basis points (bps) from the prior-year
month to 91.4% in the reported month.
Numbers in February
Progressive publishes monthly financial reports. During February,
policies in force remained healthy, with the Personal Auto segment
increasing 1% year over year and sequentially. Special Lines also
increased 4% year over year, but remained flat with the preceding
month.
In Personal Auto, Direct Auto reported growth of 2% year over year
and 1.2% from the preceding month. Agency Auto was up 1% year over
year as well as sequentially. Progressive’s Commercial Auto segment
reported an increase of 1% year over year but declined 0.1%
sequentially.
Progressive's total expenses for the reported month increased 10.5%
to $1.21 billion from $1.10 billion in Feb 2012. The major
components contributing to the increase in total expenses were an
11.2% rise in losses and loss adjustment expenses and a 15% hike in
other underwriting expenses.
Progressive reported book value per share of $10.39 as of Feb 28,
2013, up from $10.06 as of Feb 29, 2012 and from $10.21 as of Jan
31, 2013.
Return on equity in Feb 2013 was 16.1%, down from 16.4% in Feb 2012
and 17.1% in Jan 2013. The debt-to-total-capital ratio was 24.8% as
of Feb 28, 2013, improving from 25.4% as of Feb 29, 2012 and from
25.1% as of Jan 31, 2013.
Progressive carries a Zacks Rank #2 (Buy). Other property and
casualty insurers, Cincinnati Financial Corp.
(CINF), Arch Capital Group Limited (ACGL) and XL
Group plc (XL), carry a Zacks Rank #1 (Strong Buy) and appear
impressive.
ARCH CAP GP LTD (ACGL): Free Stock Analysis Report
CINCINNATI FINL (CINF): Free Stock Analysis Report
PROGRESSIVE COR (PGR): Free Stock Analysis Report
XL GROUP PLC (XL): Free Stock Analysis Report
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