Auto insurer Progressive falls after February results

The Progressive

19/03/2025 14:28

** Shares of auto insurer Progressive PGR.N fall 5.5% to $267.7

** Co reports net premiums written (NPW) of $6.68 bln for February, up 17% from a year ago

** PGR reports net income of $1.58/shr for the month, compared with $1.24/shr a year earlier

** Brokerage Jefferies said NPW growth was ~2 pts lighter than its estimate

** "Sequential Personal Auto PIF growth of 239,000 policies (+1.0%) was 145,000 lighter than JEF modeled 385k (+1.6%)," says brokerage

** Adds that consolidated NPW (YoY) would have beaten their estimate, when adjusting for the extra day in February 2024

** Jefferies rates PGR "buy", with a PT of $319

** Fourteen of 21 brokerages rate stock "buy" or higher, and 7 "hold"; median PT is $302 - data compiled by LSEG

** Stock up 13.6% YTD, including session moves; it rose 50.4% in 2024

 (Reporting by Ateev Bhandari in Bengaluru)

 ((Ateev.Bhandari@thomsonreuters.com;))