Thu, Apr. 21, 1:32 PM
- It was a rough quarter for property & casualty insurers, in part due to major Texas hail storms - with Travelers (TRV -5.6%), Progressive (PGR -2%), and Allstate (ALL -1.9%) all reporting sizable catastrophe losses tied to that event.
- Catastrophes come and go, but low interest rates are seemingly a permanent fixture in today's world. Travelers' net investment income slipped to $439M in Q1 from $478M a year earlier as the company - perhaps looking to boost income through non-fixed-income investments - saw lower returns thanks to volatile markets.
- Look past the catastrophe loss, says BMO's Charles Sebaski. More concerning is the business-insurance segment which looks to be showing signs of strain from a competitive pricing environment. Travelers reported customers paying 2.2% more at renewal in Q1 vs. a 3.7% increase a year ago.
- Now read: Travelers: What Happened? (April 21)
Oct. 16, 2015, 9:07 AM
- Progressive (NYSE:PGR): Q3 EPS of $0.47 misses by $0.01.
- Revenue of $5.41B (+14.4% Y/Y) beats by $140M.
- Shares +3.68% PM.
Jul. 1, 2015, 9:39 AM
- ACE's (ACE +7.7%) purchase of Chubb (CB +34.8%) for $28.3B in stock and cash has the property & casualty names higher in early action.
- Travelers (TRV +3.9%), Allstate (ALL +2.4%), Cincinnati Financial (CINF +2.2%), W.R. Berkley (WRB +3.1%), Progressive (PGR +2.3%), United Insurance (UIHC +2.2%), Hartford FInancial (HIG +3.3%).
- Previously: ACE buying Chubb in cash and stock deal for $28.3B (July 1)
Apr. 15, 2015, 9:03 AM
- Progressive (NYSE:PGR): Q1 EPS of $0.50 beats by $0.07.
- Revenue of $5.06B (+8.1% Y/Y) beats by $60M.
- Shares +1.87% PM.
Mar. 24, 2015, 12:55 PM
- Many of the catalysts pushing the upgrade to Buy last year have passed have passed, says Goldman Sachs, cutting Progressive (PGR -1.2%) to Neutral with $28 price target.
- More: 1) The company is showing increased reliance on commercial auto - a more volatile line where margins could be pressured at any time; 2) Progressive's agency channel continues to experience pressure; 3) The pending ARX purchase creates near-term acquisition risk, and longer-term volatility risk; 4) The company's recent track record of special dividends could be about to come to an end.
Jan. 7, 2015, 9:06 AM
- Upgrading Progressive (NYSE:PGR) to Buy from Neutral, Janney expects accelerating premium growth and is a fan of the recent deal to take over home insurance provider American Strategic Insurance.
- Downgraded to Neutral from Buy are AXIS Capital (NYSE:AXS) and Horace Mann (NYSE:HMN).
- PGR +1.5% premarket
Jul. 10, 2014, 9:24 AM
- Net income of $293.4M fell 10% from a year ago, with net income per share of $0.49 off 8%. Operating profit of $0.45 per share missed estimates by $0.04.
- Net premiums written of $4.628B gained 5% Y/Y, but slips from last year's 6.2% growth pace.
- The combined ratio improves to 92.6% from 93.3%.
- Innovations like allowing clients to do business from smartphones isn't drawing as many policyholders as before, says Sandler O'Neill's Paul Newsome (speaking ahead of earnings). “The biggest issue is that they really haven’t had a major change in the last decade ... It’s really about 10 years ago when they had really rapid premium growth."
- PGR -0.5% premarket
- Previously: Progressive beats by $0.01, misses on revenue
Jul. 12, 2012, 9:10 AM
Jun. 13, 2012, 2:27 PM
Progressive (PGR -4%) shares slip after the vehicle insurer reports a sharp increase in premiums paid out for claims last month, buttressing recent concerns about the company's near-term prospects. Net premiums written in May totaled $1.217B, up 7% Y/Y, while net income was $43.9M, down 41% Y/Y.| Jun. 13, 2012, 2:27 PM
Apr. 20, 2012, 2:35 PM
Progressive (PGR -4.2%) shares sink after CEO Glenn Renwick warns shareholders the insurer may face pressure on profit margins as claims costs increase: "Severity trends in most coverages are increasing and, while frequency trends are still generally favorable, it’s a dangerous combination that can change quickly."| Apr. 20, 2012, 2:35 PM
Jan. 19, 2012, 12:52 PM
Dec. 14, 2011, 11:53 AM
Pushing higher despite a weakening stock market is Progressive (PGR +3.4%), which reports November net income of $0.20/share vs $0.17/share a year ago, with net premiums written during the month rising 6% Y/Y to $1.07B. (PR)| Dec. 14, 2011, 11:53 AM
Dec. 7, 2011, 12:48 PM