PGR

Globe Life Inc. GL reported third-quarter 2026 net operating income of $4.84 per share, which missed the Zacks Consensus Estimate of $4.87 by 0.6%. The bottom line, however, rose 0.6% year over year, driven by higher excess investment income and a lower diluted share count. The quarter witnessed higher premium revenues and increased investment income. However, lower insurance underwriting income and rising expenses weighed on results. Globe Life Inc. price-consensus-eps-surprise-chart | Globe Life Inc. Quote Total premium revenues increased 6.5% year over year to $1.31 billion. Life insurance premiums rose 2.4% to $864.6 million, while health insurance premiums climbed 15.6% to $446.9 million, reflecting particularly strong growth at United American. Operating revenues increased 5.5% year over year to $1.61 billion, driven by higher premium income and net investment income. The top line missed the Zacks Consensus Estimate by 0.8%. Net investment income increased 3.5% year over year to $295.9 million. Excess investment income, a key profitability measure, increased 2.9% to $37.9 million, despite higher required interest on policy liabilities. Insurance underwriting income decreased 4.2% year over year to $481.8 million. Life underwriting margin declined 4.9% to $458.2 million, while health underwriting margin increased 6.7% to $115.6 million. Administrative expenses increased 6% year over year to $95.2 million. Total benefits and expenses increased 11.5% year over year to $1.15 billion, primarily due to higher policyholder benefits, amortization of deferred acquisition costs, commissions, premium taxes, acquisition costs and other operating expenses. These increases outpaced revenue growth and pressured profitability. Life insurance premium growth was led by the American Income division, where premiums increased 4% year over year to $470.4 million. Liberty National premiums rose 4% to $102 million, while Direct to Consumer premiums slipped 1% to $243.1 million. Overall life net sales decreased 1% to $149.1 million. Direct to Consumer sales declined 12%, while Liberty National sales increased 7%. American Income life net sales remained largely unchanged. Health insurance continued to deliver stronger premium growth. United American health premiums rose 29% year over year to $219.3 million, while Family Heritage premiums increased 8% to $128.6 million. Direct-to-consumer health premiums advanced 9%. Total health net sales increased 32% to $94.1 million, supported by a 95% increase at United American. However, United American recorded an underwriting loss of $6.4 million, compared with income of $16.1 million a year earlier, reflecting losses at Evry and excess Medicare Supplement claims. Book value per share increased 22.8% year over year to $85.35. Excluding accumulated other comprehensive income (AOCI), book value per share increased 10.7% to $103.62. Net income return on equity was 19.7% for the first nine months of 2026, down from 21.9% in the year-ago period. Net operating income return on equity, excluding AOCI, was 15.9%, compared with 16.6% a year earlier. During the reported quarter, Globe Life repurchased 1.1 million shares for $185 million at an average price of $175.61 per share. The company now expects full-year repurchases of $725 million to $775 million, up from its previous projection of $670 million to $700 million. Globe Life adjusted its full-year 2026 net operating income guidance to a range of $15.35-$15.65 per share, citing adverse results at its United American General Agency division. For 2027, Globe Life projects net operating income of $16.10-$17.10 per share, representing a 7.1% increase at the midpoint. Globe Life currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. The Progressive Corporation's PGR third-quarter 2026 earnings per share (EPS) of $4.60 beat the Zacks Consensus Estimate by 3.1%. The bottom line increased 13.6% year over year. PGR's net premiums written were $22.3 billion in the quarter, up 4% from $21.4 billion a year ago. Combined ratio improved 80 basis points from the prior-year quarter's level to 88.7. The Zacks Consensus Estimate was pegged at 89.4. The Travelers Companies, Inc. TRV reported third-quarter 2026 core earnings of $9.18 per share, which beat the Zacks Consensus Estimate of $7.07 by 29.8%. The bottom line increased 12.8% year over year. Revenues of $12.45 billion surpassed the consensus estimate of $12.40 billion by 0.4% and remained nearly flat year over year. TRV's combined ratio improved 50 basis points year over year to 86.8%, reflecting stronger reserve development, partially offset by higher catastrophe losses. The underlying combined ratio deteriorated 20 basis points to 84.1%, while underlying underwriting income reached $1.74 billion pre-tax. The Zacks Consensus Estimate for combined ratio was pegged at 92. W.R. Berkley Corporation WRB reported third-quarter 2026 operating income of $1.17 per share, which beat the Zacks Consensus Estimate by 2.63%. The bottom line increased 6.4% year over year. Operating revenues of $3.76 billion rose 1.8% year over year but missed the consensus estimate by 1.19%. W.R. Berkley's net premiums written increased 1.3% year over year to $3.27 billion, driven by growth in the Insurance segment. The combined ratio, a measure of underwriting profitability, improved 10 bps to 90.8%. Our estimate was pegged at 92.8%, while the Zacks Consensus Estimate was pegged at 90.95%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Globe Life Inc. (GL) : Free Stock Analysis Report The Travelers Companies, Inc. (TRV) : Free Stock Analysis Report W.R. Berkley Corporation (WRB) : Free Stock Analysis Report The Progressive Corporation (PGR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Chubb Limited CB reported third-quarter 2026 core operating earnings of $7.66 per share, which beat the Zacks Consensus Estimate of $6.53 by 17.3%. The bottom line increased 0.8% year over year. Revenues of $16.81 billion surpassed the consensus mark of $16.72 billion by 0.55%. Record investment income and higher life insurance income supported results, while increased catastrophe losses weighed on underwriting profitability. Consolidated net premiums earned rose 3.9% year over year to $14.92 billion. P&C underwriting income declined 8.8% year over year to $2.06 billion. The combined ratio deteriorated 230 basis points to 84.1%, reflecting higher catastrophe losses and weaker underwriting margins in certain commercial businesses. The Zacks Consensus Estimate is pegged at 87. Current accident year underwriting income, excluding catastrophe losses, increased 3.3% to $2.26 billion. The corresponding combined ratio deteriorated 10 basis points to 82.6%, indicating relatively stable underlying underwriting profitability despite more competitive market conditions. Chubb Limited price-consensus-eps-surprise-chart | Chubb Limited Quote Pre-tax net catastrophe losses increased to $705 million from $285 million in the year-ago quarter. The higher catastrophe burden contributed to the decline in reported underwriting income despite growth in underlying underwriting profits. Favorable prior-period reserve development increased to $511 million from $361 million. This provided some relief against catastrophe losses, while management maintained its underwriting discipline amid increasing competition in commercial P&C insurance, particularly in the United States and London. Consolidated net premiums written increased 1.9% year over year to $15.14 billion, or 1.8% in constant dollars. The Zacks Consensus estimate is pegged at $15.11 billion. Our estimate is pegged at $15.4 billion. P&C net premiums written advanced 1.9% to $13.18 billion, reflecting contributions from personal insurance, agriculture and overseas operations. Global P&C net premiums written, excluding agriculture, increased 1.5% to $11.65 billion. The corresponding underwriting income declined 8.9% to $1.89 billion, while the combined ratio deteriorated 240 basis points to 83.4%. The results reflected continued premium expansion alongside pressure on reported underwriting profitability. North America Commercial P&C net premiums written declined 2.7% to $5.51 billion. Our estimate is pegged at $5.8 billion. The Zacks Consensus Estimate is pegged at $5.7 billion. Major accounts and excess and surplus wholesale premiums fell 5% to $3.21 billion, reflecting underwriting-related exposure reductions and additional reinsurance. Middle-market and small commercial premiums increased 0.8% to $2.30 billion. North America Personal P&C premiums rose 5.3% to $1.91 billion (our estimate is pegged at $2 billion, the Zacks Consensus Estimate is pegged at $1.9 billion), while the combined ratio improved 480 basis points to 60.3%. Agricultural premiums increased 5.1% to $1.53 billion (our estimate is pegged at $1.6 billion, the Zacks Consensus Estimate is pegged at $1.5 billion), although the segment's combined ratio deteriorated 130 basis points to 89.3%. Commercial P&C's combined ratio increased 480 basis points to 86.3%. Overseas General Insurance net premiums written increased 6.7% year over year to $3.94 billion (our estimate is pegged at $3.8 billion), or 5.2% in constant dollars. Commercial P&C premiums advanced 6.3% to $2.25 billion, while consumer P&C premiums increased 7.2% to $1.70 billion. Latin America, Asia and Europe recorded premium growth of 11.7%, 7.5% and 6.8%, respectively. However, the segment's combined ratio deteriorated 310 basis points to 86.4%, primarily reflecting higher catastrophe losses and acquisition expenses, partly offset by favorable reserve development and an improved underlying loss ratio. Pre-tax net investment income increased 8.6% year over year to a record $1.79 billion. Adjusted net investment income advanced 6.3% to a record $1.89 billion, benefiting from rising interest rates and favorable fixed-income investment conditions. The Life Insurance segment income increased 11.4% to $369 million. Net premiums written rose 1.4% to $1.96 billion, while premiums written and deposits collected advanced 15.2% to $2.80 billion. International life insurance premiums and deposits collected increased 15.7% to $2.44 billion, supporting growth in the business. Operating cash flow reached a record $6.07 billion, while adjusted operating cash flow totaled a record $5.55 billion. The strong cash generation supported shareholder distributions during the quarter. Chubb returned $1.57 billion to its shareholders, comprising share repurchases of $1.18 billion at an average price of $344.32 per share and dividends of $393 million. Total capital returned during the first nine months of 2026 reached $4.47 billion. Book value per share was $191.43 as of Sept. 30, 2026, up 5.1% year over year. Tangible book value per share increased 5.7% to $126.96. Investment portfolio valuation losses pressured reported book value during the quarter. Excluding accumulated other comprehensive income, tangible book value per share increased 15.4% year over year to $150.70. Annualized core operating return on tangible equity was 21.6%, while annualized core operating return on equity was 14.9%. Total invested assets stood at $175.52 billion. Chubb currently has a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. The Progressive Corporation's PGR third-quarter 2026 earnings per share of $4.60 beat the Zacks Consensus Estimate by 3.1%. The bottom line increased 13.6% year over year. PGR's net premiums written were $22.3 billion in the quarter, up 4% from $21.4 billion a year ago. Combined ratio improved 80 basis points from the prior-year quarter's level to 88.7. The Zacks Consensus Estimate was pegged at 89.4. The Travelers Companies, Inc. TRV reported third-quarter 2026 core earnings of $9.18 per share, which beat the Zacks Consensus Estimate of $7.07 by 29.8%. The bottom line increased 12.8% year over year. Revenues of $12.45 billion surpassed the consensus estimate of $12.40 billion by 0.4% and remained nearly flat year over year. TRV's combined ratio improved 50 basis points year over year to 86.8%, reflecting stronger reserve development, partially offset by higher catastrophe losses. The underlying combined ratio deteriorated 20 basis points to 84.1%, while underlying underwriting income reached $1.74 billion pre-tax. The Zacks Consensus Estimate for combined ratio was pegged at 92. W.R. Berkley Corporation WRB reported third-quarter 2026 operating income of $1.17 per share, which beat the Zacks Consensus Estimate by 2.63%. The bottom line increased 6.4% year over year. Operating revenues of $3.76 billion rose 1.8% year over year but missed the consensus estimate by 1.19%. W.R. Berkley's net premiums written increased 1.3% year over year to $3.27 billion, driven by growth in the Insurance segment. The combined ratio, a measure of underwriting profitability, improved 10 bps to 90.8%. Our estimate was pegged at 92.8%, while the Zacks Consensus Estimate was pegged at 90.95%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Chubb Limited (CB) : Free Stock Analysis Report The Travelers Companies, Inc. (TRV) : Free Stock Analysis Report W.R. Berkley Corporation (WRB) : Free Stock Analysis Report The Progressive Corporation (PGR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

W.R. Berkley Corporation WRB reported third-quarter 2026 operating income of $1.17 per share, which beat the Zacks Consensus Estimate by 2.63%. The bottom line increased 6.4% year over year. Operating revenues of $3.76 billion rose 1.8% year over year but missed the consensus estimate by 1.19%. The insurer benefited from higher premiums and increased net investment income, partly offset by higher expenses and catastrophe losses. Net premiums earned jumped 1.8% year over year. W.R. Berkley's net premiums written increased 1.3% year over year to $3.27 billion, driven by growth in the Insurance segment. Net premiums earned rose to $3.21 billion from $3.16 billion in the year-ago quarter. Our estimate was pegged at $3.31 billion. Net investment income grew 9.2% year over year to $383.5 million, supported by higher income from the core investment portfolio. Income from fixed-maturity securities increased 10.3%, while the core portfolio contributed $369.1 million, up 12% year over year. The Zacks Consensus Estimate was pegged at $398.2 million. Our estimate was pegged at $384.3 billion. Total expenses jumped 1.4% year over year to $3.16 billion, reflecting higher loss and loss expenses and other operating costs, partly offset by lower expenses from non-insurance businesses. Our estimate was pegged at $3.25 billion. The consolidated loss ratio improved 20 basis points (bps) year over year to 62.2%. Our estimate was pegged at 63.6%, while the Zacks Consensus Estimate was pegged at 63.6%. The expense ratio deteriorated 10 bps to 28.6%. Our estimate was pegged at 29.2%, while the Zacks Consensus Estimate was pegged at 28.3%. The combined ratio, a measure of underwriting profitability, improved 10 bps to 90.8%. Our estimate was pegged at 92.8%, while the Zacks Consensus Estimate was pegged at 90.95%. Catastrophe losses increased to $85.9 million from $78.5 million in the year-ago quarter. The current accident year combined ratio, excluding catastrophe losses, was 88.1%. W.R. Berkley Corporation price-consensus-eps-surprise-chart | W.R. Berkley Corporation Quote Net premiums written at the Insurance segment increased 3.2% year over year to $2.9 billion in the quarter, in line with our estimate. Growth was primarily driven by higher premiums from other liability, auto, professional liability and short-tail lines. Net premiums earned increased 3.2% to $2.86 billion. The Zacks Consensus Estimate was pegged at $2.9 billion. Our estimate was pegged at $2.83 billion. Gross premiums written rose 4.9% to $3.56 billion, reflecting continued underwriting activity across the segment. Our estimate was pegged at $2.95 billion. The segment's combined ratio improved 60 bps year over year to 91.7%. Our estimate was pegged at 93.4%, while the Zacks Consensus Estimate was pegged at 91.7%. The loss ratio improved 60 bps to 63.3%. Our estimate was pegged at 64.5%, while the Zacks Consensus Estimate was pegged at 63.7%. The expense ratio remained unchanged at 28.4%. Our estimate was pegged at 28.9%, while the Zacks Consensus Estimate was pegged at 28%. Pre-tax income increased 10.3% year over year to $523.4 million. Pre-tax underwriting income grew 10.6% to $237.7 million, indicating improved underwriting profitability. Net premiums written in the Reinsurance & Monoline Excess segment decreased 11.7% year over year to $368.6 million. The decline reflected lower premiums in casualty and property reinsurance, partly offset by growth in monoline excess. Our estimate was pegged at $439.4 million. Net premiums earned declined 8.3% year over year to $351.7 million, while gross premiums written decreased 11.7% to $391.5 million. Our estimate was pegged at $382.2 million. the Zacks Consensus Estimate was pegged at $367.1 million. The segment's combined ratio deteriorated 230 bps year over year to 83.4%. Our estimate was pegged at 88.1%, while the Zacks Consensus Estimate was pegged at 86.8%. The loss ratio increased 190 bps to 53.2%, Our estimate was pegged at 56.9%, while the Zacks Consensus Estimate was pegged at 56.9%. The expense ratio rose 40 bps to 30.2%. Our estimate was pegged at 31.3%, while the Zacks Consensus Estimate was pegged at 29.9%. Pre-tax income declined 7.5% year over year to $133.3 million, reflecting weaker segment profitability. The insurer's core investment portfolio continued to support investment income growth. Income from the arbitrage trading account declined to $12.3 million from $16.3 million, while investment fund income decreased to $2.1 million from $5.4 million. Net investment losses totaled $18.3 million compared with investment gains of $79 million in the prior-year quarter. These losses weighed on GAAP net income, which declined 12.7% year over year to $446 million. The company's fixed-maturity securities portfolio maintained an average credit rating of AA-. Management highlighted favorable reinvestment yields relative to the portfolio's existing book yield. W.R. Berkley exited the third quarter of 2026 with total assets worth $45.68 billion compared with $43.93 billion at the 2025-end level. Senior notes and other debt declined slightly from the 2025-end level to $1.83 billion. Book value per share increased 0.6% from the 2025-end level to $25.87. Cash flow from operations was $731.3 million, down 35.8% year over year. Operating return on equity declined 220 bps year over year to 18.8%, while return on equity decreased to 18.4% from 24.3%. W.R. Berkley repurchased approximately 309,508 common shares for $21.1 million during the third quarter of 2026, continuing its capital return activities. During the first nine months of 2026, the insurer returned $728.6 million to shareholders, including $435.1 million through share repurchases. Management emphasized its disciplined capital allocation strategy, maintaining financial flexibility to support future opportunities while continuing to return capital to shareholders. W.R. Berkley currently has a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. The Progressive Corporation's PGR third-quarter 2026 earnings per share of $4.60 beat the Zacks Consensus Estimate by 3.1%. The bottom line increased 13.6% year over year. Net premiums written were $22.3 billion in the quarter, up 4% from $21.4 billion a year ago. Combined ratio improved 80 basis points from the prior-year quarter's level to 88.7. The Zacks Consensus Estimate was pegged at 89.4. The Travelers Companies, Inc. TRV reported third-quarter 2026 core earnings of $9.18 per share, which beat the Zacks Consensus Estimate of $7.07 by 29.8%. The bottom line increased 12.8% year over year. Revenues of $12.45 billion surpassed the consensus estimate of $12.40 billion by 0.4% and remained nearly flat year over year. The combined ratio improved 50 basis points year over year to 86.8%, reflecting stronger reserve development, partially offset by higher catastrophe losses. The underlying combined ratio deteriorated 20 basis points to 84.1%, while underlying underwriting income reached $1.74 billion pre-tax. The Zacks Consensus Estimate for combined ratio was pegged at 92. Chubb Limited CB will report third-quarter 2026 results on Oct. 20, after market close. The Zacks Consensus Estimate for third-quarter earnings per share is pegged at $6.42, indicating a decrease of 14.3% from the year-ago quarter's reported figure. CB's earnings beat estimates in the last four quarters. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report W.R. Berkley Corporation (WRB) : Free Stock Analysis Report The Travelers Companies, Inc. (TRV) : Free Stock Analysis Report Chubb Limited (CB) : Free Stock Analysis Report The Progressive Corporation (PGR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

The Travelers Companies, Inc. TRV reported third-quarter 2026 core earnings of $9.18 per share, which beat the Zacks Consensus Estimate of $7.07 by 29.8%. The bottom line increased 12.8% year over year. Revenues of $12.45 billion surpassed the consensus estimate of $12.40 billion by 0.4% and remained nearly flat year over year. The earnings strength was driven by higher favorable prior-year reserve development and increased net investment income, partially offset by higher catastrophe losses. Net written premiums totaled $11.48 billion during the quarter. Travelers generated core income of $1.95 billion, up 4.3% year over year, while net income increased 1.5% to $1.92 billion. Underwriting income rose to $1.43 billion pre-tax from $1.38 billion a year earlier. Net favorable prior-year reserve development increased to $234 million pre-tax from $22 million in the year ago quarter. Catastrophe losses widened to $538 million pre-tax from $402 million, primarily reflecting severe wind and hailstorms across multiple states. The combined ratio improved 50 basis points year over year to 86.8%, reflecting stronger reserve development, partially offset by higher catastrophe losses. The underlying combined ratio deteriorated 20 basis points to 84.1%, while underlying underwriting income reached $1.74 billion pre-tax. The Zacks Consensus Estimate for combined ratio was pegged at 92. The Travelers Companies, Inc. price-consensus-eps-surprise-chart | The Travelers Companies, Inc. Quote Net investment income increased 6.3% year over year to a record $1.1 billion pre-tax ($908 million after-tax), driven by higher yields on the long-term fixed-income portfolio and growth in average invested assets. Income from the short-term fixed-income portfolio declined due to lower average yields. Non-fixed-income investment returns also decreased slightly, primarily reflecting lower private equity and partnership returns. The company's total investment portfolio was approximately $100.6 billion at quarter-end, with fixed-income investments representing 94%. Investment-grade securities accounted for 98.8% of fixed maturities, highlighting the portfolio's strong credit quality. Business Insurance generated net written premiums of $5.87 billion, up 3% year over year, or 4% excluding the Canadian business divestiture. Middle Market premiums increased 7% to $3.45 billion, while National Property and Other premiums declined 4%. Segment income increased 14% to $1.04 billion, primarily due to favorable reserve development and higher investment income. The combined ratio improved 200 basis points to 90.9%, although the underlying combined ratio deteriorated 60 basis points to 88.9%. Domestic business retention remained strong at 86%, while renewal premium change was 4.1%. New business reached a third-quarter record of $699 million, increasing 4% year over year. Bond & Specialty Insurance delivered net written premiums of $1.21 billion, up 12% year over year. Surety premiums increased 21% to $414 million, while Management Liability premiums rose 6% to $649 million. Segment income climbed 23.6% to $309 million, supported by higher favorable reserve development, stronger underlying underwriting gains and increased investment income. The combined ratio improved 430 basis points to 77.3%, while the underlying combined ratio remained unchanged at 85.8%. Management Liability retention was 89%, with renewal premium change improving sequentially to 3.8%. Personal Insurance reported net written premiums of $4.4 billion, down 7% year over year, or 3% excluding the Canadian divestiture. Automobile premiums declined 8% to $1.89 billion, while Homeowners and Other premiums increased 1% to $2.51 billion. Segment income decreased 12.5% to $706 million, primarily due to higher catastrophe losses. The combined ratio deteriorated 220 basis points to 83.5%, although the underlying combined ratio improved 100 basis points to 76.7%. Automobile retention remained at 81%, while Homeowners retention improved to 85%. Homeowners renewal premium change moderated to 5.4%. Travelers ended the quarter with total assets of $142.09 billion and shareholders' equity of $29 billion. Book value per share declined 6% from year-end 2025 to $141.48, reflecting higher unrealized investment losses. Adjusted book value per share increased 9% to $172.47. The company returned $1.77 billion to shareholders during the quarter, including $1.51 billion in share repurchases. Remaining repurchase authorization was $2.42 billion. The board declared a quarterly dividend of $1.25 per share, to be paid out on Dec. 31, 2026, to shareholders of record on Dec. 10, 2026. Management highlighted continued underwriting discipline, strong capital generation and confidence in its business momentum heading into 2027. TRV currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. The Progressive Corporation's PGR third-quarter 2026 earnings per share of $4.60 beat the Zacks Consensus Estimate by 3.1%. The bottom line increased 13.6% year over year. Net premiums written were $22.3 billion in the quarter, up 4% from $21.4 billion a year ago. Combined ratio improved 80 basis points from the prior-year quarter's level to 88.7. The Zacks Consensus Estimate was pegged at 89.4. Chubb Limited CB will report third-quarter 2026 results on Oct. 20, after market close. The Zacks Consensus Estimate for third-quarter earnings per share is pegged at $6.42, indicating a decrease of 14.3% from the year-ago quarter's reported figure. CB's earnings beat estimates in the last four quarters. W.R. Berkley Corporation WRB will report third-quarter 2026 results on Oct. 19, after market close. The Zacks Consensus Estimate for third-quarter earnings per share is pegged at $1.14, suggesting an increase of 3.6% from the year-ago quarter reported figure. WRB's earnings beat estimates in three of the last four reported quarters, while missing in one. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Travelers Companies, Inc. (TRV) : Free Stock Analysis Report Chubb Limited (CB) : Free Stock Analysis Report W.R. Berkley Corporation (WRB) : Free Stock Analysis Report The Progressive Corporation (PGR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Progressive came into Q3 earnings with a stock that had cooled in recent weeks, down over the past month but edging up about 1% today to around US$216 as investors absorbed the numbers. The insurer reported Q3 2026 basic earnings per share of US$4.38 on total revenue of US$23.2b, a solid headline for a business built on underwriting discipline. Yet the share price reaction looks mild next to the size of the profit engine, with net income of US$2.5b, which reminds you this is still one of the sector's heavyweight cash generators. If you like the earnings power at Progressive but want more insurers with strong profit engines and disciplined balance sheets on your radar, check out our curated screener of companies with robust underwriting profiles in the list of solid balance sheet and fundamentals stocks (25 results). - Total Revenue (Q3 2026 vs Q3 2025): US$23,182m vs. US$22,502m (up about 3%) - Net Income (Excl. Extra Items) (Q3 2026 vs Q3 2025): US$2,542m vs. US$2,615m (down about 3%) - Basic EPS (Q3 2026 vs Q3 2025): US$4.38 vs. US$4.46 (down about 2%) - Combined Ratio (Q3 2026 vs Q3 2025): 87.3% vs. 89.5% (improved by about 2.2 percentage points, indicating stronger underwriting profitability) Ask Charlie what Progressive really changed in its property playbook. Bulls argue Progressive can turn its bigger auto and property footprint, plus heavy data and AI spend, into profitable household bundling rather than just raw volume. "The main requirement for this thesis is that Progressive successfully scales its now-profitable property and Robinsons franchise, using direct and independent agent channels to deepen bundled customer relationships without eroding combined ratios in a more competitive market." Q3 results move that argument forward, not just on promises. The combined ratio improved to 87.3%, even as policies in force and premium volumes rose. Property profitability looks healthier, and Robinsons remains underpenetrated, so the milestone here is clear. Progressive is growing into that bundled ambition while underwriting efficiency improves, not weakens. That disagreement has a full argument behind it. → Uncover the higher Fair Value this Narrative argues for. Bearish investors worry Progressive's push on lower auto rates and heavier advertising will drag on profitability just as growth slows. "Even with scale advantages and multi channel distribution that helped Progressive add 2.8 million policies in force over the past year, management's decision to take rate decreases across states representing most of countrywide auto premium, combined with higher media spend, raises the possibility that future growth in policies and net premiums written comes with materially thinner net margins." Q3 cuts against that fear only partially. The combined ratio improved to 87.3%, showing underwriting discipline, yet net income excluding extra items and basic EPS both slipped year on year and revenue growth eased to about 3%. That mix signals margin pressure is contained, not eliminated. Progressive shows how a strong underwriting quarter can coincide with limited share price reaction. The real opportunity could be finding stocks that may be undervalued before consensus adjusts. - Company 1 - 44% below our estimate - turn technology and industrial backlogs into higher margin modular and electrical retrofit projects tied to long-cycle programs. - Company 2 - 35% below our estimate - use a super app model to shift a large user base into secured credit and fee-rich financial ecosystem services. - Company 3 - 27% below our estimate - supply custom silicon and connectivity hardware that large customers rely on to move, secure and manage growing data traffic. That is three of the list. See all 33 potentially undervalued companies → This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include PGR. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

- In the past nine months to September 30, 2026, The Progressive Corporation reported revenue of US$68.99 billion and net income of US$8.67 billion, with diluted EPS from continuing operations of US$14.83, alongside third-quarter EPS of US$4.60 that exceeded consensus forecasts despite slightly lower-than-expected quarterly revenue of US$23.36 billion. - The company also reported a stronger combined ratio, higher net premiums written and earned, and growth in policies in force across personal and commercial lines, pointing to improved underwriting performance as a key driver of its recent operating results. - Next, we'll examine how Progressive's improved combined ratio and underwriting performance affect the existing investment narrative built around its data and scale advantages. Outshine the giants: these 19 early-stage AI stocks could fund your retirement. To own Progressive, you need to believe its data, scale, and underwriting discipline can keep personal auto and property insurance profitable, even as competition and pricing ebb and flow. The latest results support that view in the near term: earnings outpaced expectations, the combined ratio improved, and policies in force grew. That said, the biggest short term catalyst remains underwriting discipline in a softer auto market, while the main risk is that rising claims or renewed price pressure could squeeze margins again. The most relevant update here is Progressive's nine month 2026 earnings release, showing revenue of US$68,989 million and net income of US$8,671 million, both higher than a year earlier, with diluted EPS from continuing operations of US$14.83. Combined with third quarter EPS of US$4.60 beating forecasts and a stronger combined ratio, these figures feed directly into the underwriting and pricing narrative that many investors are watching most closely right now. Yet despite these results, investors should still be aware that a softer auto pricing cycle could pressure margins if... Read the full narrative on Progressive (it's free!) Progressive's narrative projects $99.0 billion revenue and $9.5 billion earnings by 2029. This requires 2.9% yearly revenue growth and an earnings decrease of $2.2 billion from $11.7 billion today. Uncover how Progressive's forecasts yield a $231.38 fair value, a 4% upside to its current price. Some of the lowest analysts were assuming revenue growth of only about 1.1% a year and earnings falling toward roughly US$8.2 billion, so compared with the recent underwriting rebound and improved combined ratio, their view highlights how sharply opinions differ and why you may want to compare several scenarios before deciding what Progressive is really worth to you. Explore 4 other fair value estimates on Progressive - why the stock might be worth just $231.38! Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts. - A great starting point for your Progressive research is our analysis highlighting 2 key rewards and 3 important warning signs that could impact your investment decision. - Our free Progressive research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Progressive's overall financial health at a glance. Our top stock finds are flying under the radar-for now. Get in early: - Capitalize on the AI infrastructure supercycle with our selection of the 92 best 'picks and shovels' of the AI gold rush converting record-breaking demand into massive cash flow. - Find 32 companies with promising cash flow potential yet trading below their fair value. - Rare earth metals are the new gold rush. Find out which 32 stocks are leading the charge. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include PGR. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Progressive (PGR) came out with quarterly earnings of $4.6 per share, beating the Zacks Consensus Estimate of $4.46 per share. This compares to earnings of $4.05 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +3.14%. A quarter ago, it was expected that this insurer would post earnings of $4.7 per share when it actually produced earnings of $4.85, delivering a surprise of +3.19%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Progressive, which belongs to the Zacks Insurance - Property and Casualty industry, posted revenues of $23.36 billion for the quarter ended September 2026, missing the Zacks Consensus Estimate by 0.22%. This compares to year-ago revenues of $22.22 billion. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Progressive shares have lost about 2.1% since the beginning of the year versus the S&P 500's gain of 14%. While Progressive has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Progressive was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $4.02 on $23.15 billion in revenues for the coming quarter and $18.14 on $92.39 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Property and Casualty is currently in the top 26% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, United Fire Group (UFCS), has yet to report results for the quarter ended September 2026. This property and casualty insurance company is expected to post quarterly earnings of $1.19 per share in its upcoming report, which represents a year-over-year change of -20.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. United Fire Group's revenues are expected to be $388.6 million, up 9.8% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Progressive Corporation (PGR) : Free Stock Analysis Report United Fire Group, Inc (UFCS) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

MAYFIELD VILLAGE, OHIO, Oct. 14, 2026 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month and quarter ended September 30, 2026: | September | Quarter (millions, except per share amounts and ratios; unaudited) | | 2026 | | | 2025 | | Change | | 2026 | | | 2025 | | Change Net premiums written | $ | 7,255 | | | $ | 7,128 | | 2 | | % | $ | 22,301 | | | $ | 21,384 | | 4 | | % Net premiums earned | $ | 7,160 | | | $ | 6,827 | | 5 | | % | $ | 21,869 | | | $ | 20,849 | | 5 | | % Net income | $ | 630 | | | $ | 305 | | 107 | | % | $ | 2,542 | | | $ | 2,615 | | (3 | ) | % Per share available to common shareholders | $ | 1.08 | | | $ | 0.52 | | 109 | | % | $ | 4.37 | | | $ | 4.45 | | (2 | ) | % Total pretax net realized gains (losses) on securities | $ | (231 | ) | | $ | 138 | | (267 | ) | % | $ | (170 | ) | | $ | 295 | | (158 | ) | % Combined ratio | | 90.0 | | | | 100.4 | | (10.4 | ) | pts. | | 88.7 | | | | 89.5 | | (0.8 | ) | pts. Average diluted equivalent common shares | | 581.7 | | | | 588.2 | | (1 | ) | % | | 582.2 | | | | 588.2 | | (1 | ) | % | September 30, (thousands; unaudited) | 2026 | | 2025 | | % Change Policies in Force | | | | | Personal Lines | | | | | Agency – auto | 11,347 | | 10,630 | | 7 Direct – auto | 16,848 | | 15,619 | | 8 Special lines | 7,390 | | 6,980 | | 6 Property | 3,652 | | 3,651 | | 0 Total Personal Lines | 39,237 | | 36,880 | | 6 Commercial Lines | 1,252 | | 1,198 | | 5 Total | 40,489 | | 38,078 | | 6 | | | | | See Progressive's complete monthly earnings release for additional information. About Progressive Progressive Insurance® makes it easy to understand, buy and use car insurance, home insurance, and other protection needs. Progressive offers choices so consumers can reach us however it's most convenient for them — online at progressive.com, by phone at 1-800-PROGRESSIVE, via the Progressive mobile app, or in-person with a local agent. Progressive provides insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes; it is a leading seller of personal auto, commercial auto, motorcycle, and boat insurance, and one of the top 15 homeowners insurance carriers in the United States. Founded in 1937, Progressive continues its long history of offering shopping tools and services that save customers time and money, like Name Your Price®, Snapshot®, and HomeQuote Explorer®. The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, trade publicly at NYSE: PGR. Company Contact: Julianna Paterra, CFA (719) 432-2509 [email protected] The Progressive Corporation 300 North Commons Blvd. Mayfield Village, Ohio 44143 http://www.progressive.com Download PDF: Progressive September 2026 Complete Earnings Release

Progressive has delivered strong long term gains for shareholders, which puts a lot of weight on the question of whether its current US$222.88 share price is properly backed by its earnings power. With the stock now reflecting years of compounding returns, the issue for investors is how well the underlying profit engine supports that valuation. - Progressive has returned 168.8% over the past 5 years, so a large portion of investor wealth now depends on how durable its earnings base proves to be. - The insurer's business model relies heavily on underwriting discipline and pricing accuracy, and that can influence both the stability of its earnings and how much investors are willing to pay for each dollar of profit. - Your read on Progressive is one view; the desks covering it have another. See what analysts think Progressive's shares could be worth. The issue now is whether Progressive's current market price is justified by the earnings it is generating today and is expected to produce over time. To pressure test whether Progressive's valuation still aligns with its earnings story, you can apply the same criteria to a wider group of resilient businesses using 32 resilient stocks with low risk scores. The P/E ratio fits Progressive because earnings quality is central to how investors judge an insurer. At a current P/E of 11.1x, Progressive trades a little above the Insurance sector's 10.8x average, but meaningfully above the 8.2x peer group mark. That places a fair amount of confidence on its profit stream compared with many competitors. The tailored fair P/E that combines Progressive's growth assumptions, profitability profile, size and risk comes out slightly below the current market multiple. This suggests the share price is broadly in line with what the model would expect for this earnings base. The difference between the 11.1x market figure and that fair reference point is not large, so investors weighing the stock at today's level are mostly deciding how much they trust the durability and quality of those reported profits rather than reacting to a clear-cut discount or premium. Explore the numbers behind Progressive's P/E valuation. Simply Wall St Narratives pick up where Progressive's valuation puzzle leaves off by spelling out what kind of future growth, profitability and earnings path would need to play out for the stock to look meaningfully cheap or expensive versus today's price. Each narrative treats Progressive's fair value as a specific, testable view on the business that you can watch over time, and they sit on the company's Community page for ongoing reference. The Progressive community is split between holders who see more in its scale and data assets and skeptics focused on softer auto pricing and thinner margins. Bull case: roughly fairly valued "Property's shift from a turnaround phase to disciplined growth, with 41 states now viewed as healthy for expansion and a recent 75 to 78 combined ratio range, creates room for Progressive to pursue more bundled auto home Robinsons customers..." Discover why this Narrative puts Progressive at roughly fairly valued. Bear case: 13% overvalued "Even with scale advantages and multi channel distribution that helped Progressive add 2.8 million policies in force over the past year, management's decision to take rate decreases across states representing most of countrywide auto premium, combined with higher media spend, raises the possibility that future growth in policies and net premiums written comes with materially thinner net margins..." Explore why this Narrative puts Progressive at 13% overvalued. Price and profit only tell part of the story for Progressive, because recent trading by its own leaders can add useful context that either reinforces or challenges what the valuation suggests. See the recent insider selling flagged for Progressive. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include PGR. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

The Progressive Corporation's PGR third-quarter 2026 earnings per share of $4.60 beat the Zacks Consensus Estimate by 3.1%. The bottom line increased 13.6% year over year. Net premiums written were $22.3 billion in the quarter, up 4% from $21.4 billion a year ago. Net premiums earned grew 5% to $21.9 billion. The reported figure met the Zacks Consensus Estimate. Net realized loss on securities was $170 million, versus a $295 million gain in the year-ago quarter. Combined ratio improved 80 basis points (bps) from the prior-year quarter's level to 88.7. The Zacks Consensus Estimate was pegged at 89.4. The Progressive Corporation price-consensus-eps-surprise-chart | The Progressive Corporation Quote Operating revenues grew 5.2% year over year to $7.7 billion, driven by 4.9% higher net premiums earned, a 13.2% increase in net investment income, a 5% rise in fees and other revenues and 6.7% higher service revenues. Total expenses decreased 5.6% to $6.6 billion, largely attributable to the absence of policyholder credit expense in the current month. Policies in force were strong in the Personal Lines segment, up 6% from 39.2 million in the year-ago month. Progressive's Commercial Lines segment policies rose 5% year over year to 1.3 million. In the Personal Lines segment, Agency Auto increased 7% year over year to 11.3 million, while Direct Auto increased 8% to 16.8 million. Special Lines improved 6% to 7.4 million. The Property business had 3.6 million policies in force, flat year over year. Progressive's book value per share was $59.51 as of Sept. 30, 2026, down 1.6% from $60.45 as of Sept. 30, 2025. Return on equity in June 2026 was 25.7%, down from 37.1% reported in the year-ago period. The total debt-to-total capital ratio deteriorated 330 bps to 19.6. PGR currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. The Travelers Companies Inc. TRV will report third-quarter 2026 results on Oct. 16, before market open. The Zacks Consensus Estimate for third-quarter earnings per share is pegged at $7.01, suggesting a decrease of 13.9% from the year-ago quarter's reported figure. TRV's earnings beat estimates in the last four quarters. Chubb Limited CB will report third-quarter 2026 results on Oct. 20, after market close. The Zacks Consensus Estimate for third-quarter earnings per share is pegged at $6.42, indicating a decrease of 14.3% from the year-ago quarter's reported figure. CB's earnings beat estimates in the last four quarters. W.R. Berkley Corporation WRB will report third-quarter 2026 results on Oct. 19, after market close. The Zacks Consensus Estimate for third-quarter earnings per share is pegged at $1.14, suggesting an increase of 3.6% from the year-ago quarter reported figure. WRB's earnings beat estimates in three of the last four reported quarters, while missing in one. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Progressive Corporation (PGR) : Free Stock Analysis Report The Travelers Companies, Inc. (TRV) : Free Stock Analysis Report Chubb Limited (CB) : Free Stock Analysis Report W.R. Berkley Corporation (WRB) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research