LONDON, UK / ACCESSWIRE / July 20, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on The Progressive Corp. (NYSE: PGR), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=PGR, following the Company's release of its financial results on July 18, 2017, for the second quarter fiscal 2017. The insurer outperformed earnings expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Earnings Reviewed

For three months ended June 30, 2017, Progressive's net premiums written totaled $6.7 billion, up 14% compared to net premiums writer worth $5.9 billion in Q2 2016. The Company's net premiums earned grew 14% on a y-o-y basis to $6.31 billion from $5.56 billion in the prior year's same quarter.

In June 2017, Progressive's net premiums written totaled $2.03 billion, up 9% compared to net premiums writer worth $1.86 billion in June 2016. The Company's June 2016 net premiums written included $70.3 million related to the termination of a 10% quota share reinsurance agreement in its Property business. Adjusting for the termination, the change in net premiums written would have been 13% for the month and 15% for the reported quarter.

Progressive's total pretax net realized gains on securities (including net impairment losses) were $32.1 million, down 1% on a y-o-y basis compared to $32.3 in the prior year's corresponding quarter.

For Q2 2017, Progressive reported net income of $367.6 million, or $0.63 per share, both growing 93% compared to net income of $190.9 million, or $0.33 per share, in Q2 2016. The Company's earnings numbers exceeded Wall Street's expectations of $0.60 per share. In the reported quarter, the Company's combined ratio (the percentage of premiums paid out as claims and expenses) totaled 93.2, down 3.2 points versus combined ratio of 96.8 in the prior year's comparable quarter.

Key Metrics

For June 2017, Progressive had 11.04 million policies in force in the Personal Auto segment, growing 8% compared to 10.22 million policies in force in June 2016. The Company's Special Lines policies totaled 4.36 million policies, up 2% on a y-o-y basis.

During June 2017, Progressive's Personal lines reported a 6% growth in policies in force to 15.40 million compared to 14.48 million policies in force in June 2016. The Company's commercial lines properties totaled 625.7 thousand in June 2017 compared to 600.3 thousand in June 2016. Progressive's property business policies in force surged 11% to 1.31 million in June 2017 compared to 1.18 million in June 2016.

Cash Matters

As of June 30, 2017, Progressive's book value per share was $15.48. The Company's return on equity on a trailing 12-month basis was 17.4%. Progressive's debt-to-total capital ratio totaled 27.30% as of June 30, 2017.

Stock Performance

Progressive's share price finished yesterday's trading session at $45.67, marginally advancing 0.73%. A total volume of 2.35 million shares have exchanged hands. The Company's stock price soared 17.49% in the last three months, 25.64% in the past six months, and 38.94% in the previous twelve months. Additionally, the stock surged 28.65% since the start of the year. Shares of the Company have a PE ratio of 22.27 and have a dividend yield of 1.49%. The stock currently has a market cap of $26.50 billion.

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SOURCE: Pro-Trader Daily