Progressive Corporation (The): Gaining market share through segmentation and data analytics expertise

Progressive Corporation (The): Rate and underwriting actions mitigate rising auto accident frequency and severity - Credit Opinion – 2022/04/26 – US$ 250.00 – ...Our credit view of The Progressive Corporation's (Progressive, NYSE: PGR) A2 senior debt rating and the Aa2 insurance financial strength ratings of its insurance subsidiaries reflects the group's strong presence in the US auto insurance market, superior underwriting and claims management supported by data analytics, balanced distribution channels, and favorable expense ratios. Progressive has good risk-adjusted capitalization, a high-quality, liquid investment portfolio and short-tail insurance liabilities. These strengths are partly offset by relatively high operating leverage and significant payments to shareholders through dividends and share buybacks. Progressive is also exposed to losses from severe storms and other catastrophes primarily in its homeowners' business, although reinsurance reduces this exposure. The company faces persistent competition and potential adverse regulation in personal lines. For 2021, Progressive reported net income of $3.4 billion, down from $5.7 billion...

Progressive Corporation (The): Update following rating affirmation, stable outlook - Credit Opinion – 2021/09/30 – US$ 250.00 – ...We recently affirmed the A2 senior unsecured debt rating of The Progressive Corporation (Progressive, NYSE: PGR) and the Aa2 insurance financial strength ratings of its insurance subsidiaries. Our credit view of Progressive reflects the group's strong presence in the US auto insurance market, superior underwriting and claims management supported by data analytics, balanced distribution channels, and favorable expense ratios. Progressive has good risk-adjusted capitalization, a high-quality, liquid investment portfolio and short- tail insurance liabilities. These strengths are partly offset by relatively high operating leverage and significant payments to shareholders through dividends and share buybacks. Progressive is also exposed to losses from catastrophes and severe storms primarily in its homeowners' business, although reinsurance reduces this exposure. The company faces persistent competition and potential adverse regulation in personal lines. The company has generated strong profitability...

Progressive Corporation (The): Data analytics, pricing segmentation and economic recovery boost growth - Credit Opinion – 2021/05/28 – US$ 250.00 – ...Our credit view of The Progressive Corporation (Progressive - senior debt A2, stable, NYSE: PGR) reflects its strong presence in the US auto insurance market, superior underwriting and claims management through data analytics, segmentation expertise, expense management, balanced distribution channels, and sound balance sheet. The company also exhibits good risk-adjusted capitalization, with a high-quality, liquid investment portfolio and short- tail insurance liabilities. These strengths are partly offset by Progressive's high operating leverage and significant payments to shareholders through dividends and share buybacks. Progressive is also exposed to losses from catastrophes and severe storms primarily in its homeowners business though reinsurance reduces this exposure. The company faces persistent competition and potential adverse regulation in personal insurance lines. Progressive generated $11.7 billion in net premiums written (NPW) during first quarter 2021, an increase of $1.9 billion,...

Progressive Corporation (The): Key Facts and Statistics - 9M September 2020 - Issuer Profile – 2021/02/03 – US$ 200.00 – ...The Progressive Corporation (Progressive) is an Ohio-based, publicly traded holding company that owns insurance and non-insurance subsidiaries and affiliates throughout the US. The company provides auto insurance, residential property insurance, and other specialty property casualty insurance through independent agents and direct distribution channels. According to SNL Financial LC, Progressive is the third-largest US personal auto insurer, with a 2019 market share of 12%, and the largest US commercial auto insurer, with a 2019 market share of 12%. The company's revenues are geographically diversified, with business operations in 50 US states and the District of Columbia, enabling the company to leverage differences in competitive conditions in the auto insurance market. For the first nine months ended September 30, 2020, Progressive reported total revenue of $31.2 billion and net income of $4 billion. As of September 30, 2020, the company reported total assets of $62.9 billion and shareholders'...

Progressive Corporation (The): Using data analytics and pricing expertise to navigate shifting auto loss cost trends - Credit Opinion – 2020/06/22 – US$ 250.00 – ...Our credit view of The Progressive Corporation (Progressive - senior debt A2, stable, NYSE: PGR) reflects its strong presence in the US auto insurance market, superior underwriting and claims management through data analytics, segmentation expertise, expense management, balanced distribution channels, and sound balance sheet. The company also exhibits good risk-adjusted capitalization, with a high-quality, liquid investment portfolio and short-tail insurance liabilities. These strengths are partly offset by Progressive's high operating leverage and significant payments to shareholders through dividends and share buybacks. Progressive is also exposed to losses from catastrophes and severe storms primarily in its homeowners business through its ownership of ARX Holding Corp., though reinsurance reduces this exposure. The company faces persistent competition and potential adverse regulation in personal insurance lines. While the coronavirus and related economic downturn will limit premium...

Progressive Corporation (The): Key Facts and Statistics - FY December 2018 - Issuer Profile – 2019/06/18 – US$ 200.00 – ...The Progressive Corporation (Progressive) is an Ohio-based, publicly traded holding company that owns insurance and non-insurance subsidiaries and affiliates throughout the United States. The company provides auto insurance, residential property insurance, and other specialty property-casualty insurance through independent agents and direct distribution channels. According to SNL Financial LC, Progressive is the third-largest US personal auto insurer, with a 2018 market share of 11.0%, and the largest US commercial auto insurer, with a 2018 market share of 10.8%. The company's revenues are geographically diversified, with business operations in 50 US states and the District of Columbia, enabling the company to leverage differences in competitive conditions in the auto insurance market. For 2018, Progressive reported total revenue of $32.0 billion and net income of $2.6 billion. As of 31 December 2018, the company reported total assets of $46.6 billion and shareholders' equity of $10.8 billion....

Progressive Corporation (The): Gaining market share in private auto - Credit Opinion – 2018/09/17 – US$ 250.00 – ...The Progressive Corporation (Progressive - senior unsecured debt A2, stable, NYSE: PGR) is the publicly traded parent of a group of US property-casualty insurance companies offering coverages for personal and commercial automobiles and trucks as well as motorcycles, boats and recreational vehicles. Progressive is now the third-largest auto insurer in the US, active in all 50 states and the District of Columbia. The group also distributes residential property insurance through unaffiliated carriers on a commission basis, and through its majority- owned subsidiary, American Strategic Insurance Corp (ASI, rebranded Progressive Home). Our credit view of Progressive reflects the group's strong presence in the US auto insurance market, superior underwriting and expense management, balanced distribution channels, and sound balance sheet. The company also exhibits good risk-adjusted capitalization, with a high-quality, liquid investment portfolio and short-tail, granular insurance liabilities....

Progressive Corporation (The): Key Facts and Statistics - FY December 2017 - Issuer Profile – 2018/04/09 – US$ 200.00 – ...The Progressive Corporation (Progressive) is an Ohio-based, publicly traded holding company that owns a host of insurance and non-insurance subsidiaries and affiliates throughout the United States. The company provides auto insurance, residential property insurance, and other specialty property-casualty insurance through independent agents and direct distribution channels. According to SNL Financial LC, Progressive is the third-largest US personal auto insurer, with a 2017 market share of 9.9%, and the largest US commercial auto insurer, with a 2017 market share of 8.9%. The company's revenues are geographically diversified, with business operations in 50 US states and the District of Columbia, enabling the company to leverage differences in competitive conditions in the auto insurance market. In 2017, Progressive reported total revenue of $26.8 billion and net income of $1.6 billion. As of 31 December 2017, the company reported total assets of $38.7 billion and shareholders' equity of...

Progressive Corporation (The): Update following recent rating affirmation - Credit Opinion – 2017/12/01 – US$ 250.00 – ...In November 2017, we affirmed the A2 senior unsecured debt rating of The Progressive Corporation (Progressive; NYSE: PGR), as well as the Aa2 insurance financial strength (IFS) ratings of its primary property-casualty insurance operating subsidiaries. The outlook for the ratings is stable. Our credit view of Progressive reflects the group's strong presence in the US auto insurance market, superior underwriting and expense management, balanced distribution channels, and sound balance sheet. The company also exhibits good risk- adjusted capitalization, with a high-quality, liquid investment portfolio and short-tail, granular insurance liabilities. These strengths are partly offset by Progressive's relatively high operating leverage and its aggressive payments to shareholders through variable and special dividends and share buybacks. Through its ownership stake in ARX Holding Corp. (parent of American Strategic Insurance Corporation), which is a key factor in Progressive's home/ auto bundling...

Moody's affirms Progressive's ratings (A2 senior); stable outlook - Rating Action – 2017/11/14 – US$ 180.00 – ...MOODY'S CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS OR MOODY'S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS...