Progressive Corporation (The): Key facts and statistics - 2023

Progressive Corporation (The): Update following rating affirmation; stable outlook - Credit Opinion – 2023/06/27 – US$ 250.00 – ...In June 2023, we affirmed the A2 senior debt rating of Progressive Corporation (Progressive, NYSE: PGR) and the Aa2 insurance financial strength ratings of its insurance subsidiaries. Our credit view reflects the group's strong presence in the US auto insurance market, strong underwriting and claims management supported by data analytics, balanced distribution channels and consistent cash flow generation. The company has good risk- adjusted capitalization, a high-quality liquid investment portfolio and short-tail insurance liabilities. These strengths are partly offset by Progressive's relatively high operating leverage, a concentration of homeowners' policies in catastrophe-exposed states, recent unfavorable auto reserve development associated with elevated loss costs to repair vehicles as well as bodily injury claims, and significant shareholder dividend payments over time. The company faces persistent competition and potential adverse regulation in personal lines. Progressive reported...

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'...