Progressive earnings: Foot off the gas pedal

September 20, 2021

Progressive’s August earnings were hit hard by Hurricane Ida. Although missing the company’s 96% combined ratio target due to catastrophe losses, the underlying loss trends showed no further deterioration. The firm reported an operating loss of $0.19 vs. operating EPS of $0.38 in August 2020.

While growth was still strong with net written premiums up 13.2% YoY, it shows signs of slowing (year-to-date growth of 15%).

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