Progressive Shares Fall After August Update
The Progressive Corporation (PGR:US) reported the results for August 2023, prompting the stock to sell off on the news.
Progressive reported a combined ratio of 97.2%, which represents an increase compared to the same period last year when the combined ratio was 93.6%.
Additionally, the company reported net premiums earned of $4.60 billion, reflecting a 20% year-over-year increase, and net premiums written of $4.74 billion, indicating a 16% year-over-year increase.
Most notably, the August operating EPS of $0.35 missed expectations, driven by a miss in the commercial lines.
Progressive is a prominent insurance provider in the United States, offering coverage for a wide range of vehicles, including personal and commercial autos, trucks, motorcycles, boats, and recreational vehicles. The company also offers homeowners insurance, making it one of the top 15 homeowners insurance carriers in the country.
Progressive is particularly known for its strong presence in the auto insurance market and is recognized as the second-largest auto insurer in the United States.
Several Congress members reported trades involving PGR shares, including Ro Khanna, Daniel Goldman, Josh Gottheimer, Lois Frankel, and Diana Harshbarger.
Most notably, Rep. Daniel Goldman sold $50,000 - $100,000 worth of PGR shares on July 12, when they closed at $132.11. The stock is up nearly 8% year-to-date after closing at $138.74 on Friday.
PGR shares opened nearly 7% lower on Monday.
