Progressive Reports 16% Increase In Net Premium Written In May 2023
Portfolio Pulse from Lekha Gupta
Progressive Corp reported a 16% increase in net premiums written to $4.32 billion in May 2023, with net premium earned rising 19% to $4.49 billion. Total policies in force grew 11% to 29.5 million, and net income reached $108.2 million. However, PGR shares are trading lower by 2.98% at $127.76.
June 14, 2023 | 1:48 pm
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NEGATIVE IMPACT
Progressive Corp's net premiums written increased by 16% in May 2023, but shares are trading lower by 2.98% at $127.76.
Despite the positive financial results, Progressive Corp's stock price is trading lower. This could be due to the market's reaction to the company's recent negative earnings surprise in Q1 2023, where EPS was 52.55% lower than the analyst consensus estimate. Additionally, the combined ratio increased compared to April 2022, which may also contribute to the negative sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100