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Progressive Corp  (PGR)
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Progressive's

Competitiveness


 

PGR Sales vs. its Competitors Q3 2022



Comparing the results to its competitors, Progressive reported Total Revenue increase in the 3 quarter 2022 by 7.77 % year on year.
The revenue growth was below Progressive's competitors average revenue growth of 12.4 %, recorded in the same quarter.

List of PGR Competitors

With net margin of 0.97 % company reported lower profitability than its competitors.

More on PGR Margin Comparisons



Revenue Growth Comparisons




Net Income Comparison


Progressive Corp Net Income in the 3 quarter 2022 grew year on year by 4.73 %, while most of its competitors have experienced contraction in net income by -89.01 %.

<<  More on PGR Income Comparisons


Progressive's Comment on Competitors and Industry Peers


The automobile insurance and other property-casualty markets in which we operate are highly competitive. Property-casualty insurers generally compete on the basis of price, agent commission rates, consumer recognition and confidence, coverages offered and other product features, claims handling, financial stability, customer service, and geographic coverage. Vigorous competition is provided by large, well-capitalized national companies in both the Agency and Direct channels, and by smaller regional insurers. In the Agency channel, some of our competitors have broad distribution networks of employed or captive agents. With widely available comparative rating services, consumers can easily compare prices among competitors. Many competitors invest heavily in advertising and marketing efforts and/or expanding their online or mobile service offerings. Over the past decade, these changes have further intensified the competitive nature of the automobile and other property-casualty insurance markets in which we operate.

We rely heavily on technology and extensive data gathering and analysis to segment markets and price accurately according to risk potential. We have remained competitive by refining our risk measurement and price segmentation skills, closely managing expenses, and achieving operating efficiencies. Superior customer service, fair and accurate claims adjusting, and strong brand recognition are also important factors in our competitive strategy.

Competition in our insurance markets is affected by the pace of technological developments. An insurer’s ability to innovate, develop, and implement new applications and other technologies can affect its competitive position. In addition, there has been a proliferation of patents related to new ways in which technologies can affect its competitive position.


In addition, we have licensed certain of our patent rights for domestic use to five other insurance companies. We continue to pursue other ways in which to leverage this intellectual property. Currently, we do not expect these licensing activities to have a material effect on our operations, results of operations, or financial condition in the current fiscal year.





  

Overall company Market Share Q3 2022

Revenue in Overall company grew by 7.77 %, less than Progressive Corp peers within this division.
<<  More on PGR Market Share.
 
*Market share is calculated based on total revenue.


PGR's vs. Competition, Data

(Revenue and Income for Trailing 12 Months, in Millions of $, except Employees)


COMPANY NAME MARKET CAP
(in millions of $)
REVENUES
(in millions of $)
INCOME
(in millions of $)
EMPLOYEES
Progressive Corp PGR 77,244.75 48,633.00 857.00 41,571
American International Group Inc AIG 47,101 58,938.00 15,195.00 46,000
Assurant Inc AIZ 6,947 10,115.10 328.60 14,200
Allstate Corp ALL 36,387 50,776.00 -270.00 46,290
Berkshire Hathaway Inc BRKA 498,856 295,722.00 -481.00 0
Cincinnati Financial Corporation CINF 17,390 6,766.00 -29.00 5,148
Donegal Group Inc DGICA 479 835.02 -0.17 0
Fg Financial Group Inc. FGF 17 4.02 -16.96 0
Fednat holding company FNHC 0 235.04 -127.63 297
Global Indemnity Group Llc GBLI 350 662.05 21.99 460
Hallmark Financial Services inc HALL 1 291.14 -104.11 411
Heritage Insurance Holdings Inc HRTG 44 654.58 -216.08 247
Loews Corp L 13,822 13,818.00 1,170.00 12,200
Metlife Inc MET 62,123 73,671.00 2,423.00 49,000
National General Holdings Corp NGHC 3,976 5,552.29 524.21 4,630
Outbrain Inc OB 223 945.51 32.57 1,150
Proassurance Corporation PRA 1,077 1,125.05 17.80 938
Rli Corp RLI 6,121 1,660.76 580.86 902
Safety Insurance Group inc SAFT 1,352 788.68 34.06 622
State Auto Financial Corporation STFC 2,324 1,659.20 71.70 2,065
Hanover Insurance Group Inc THG 5,324 5,364.60 291.10 4,800
Travelers Companies inc TRV 44,942 36,259.00 3,356.00 30,600
White Mountains Insurance Group ltd WTM 0 1,158.80 690.90 2,973
Horace Mann Educators Corporation HMN 1,583 1,354.90 118.00 1,350
The Hartford Financial Services Group Inc HIG 24,802 22,162.00 1,934.00 19,500
Chubb Limited ACE 0 56,118.00 8,360.00 0
Arch Capital Group Ltd ACGL 21,949 8,855.91 1,243.31 2,030
Aspen Insurance Holdings Limited AHLPRC 0 2,628.90 29.80 0
Aspira Women s Health Inc AWH 41 7.88 -31.03 1,433
Axis Capital Holdings Ltd AXS 4,825 5,081.01 379.48 1,225
Brown and Brown Inc BRO 16,749 3,410.47 628.32 7,807
Conifer Holdings Inc CNFR 17 103.87 -13.59 133
China United Insurance Service Inc CUII 106 99.86 16.96 2,239
Enstar Group Ltd ESGR 3,619 -1,087.82 -1,182.60 1,327
Essent Group Ltd ESNT 4,241 1,027.70 864.97 366
Triple s Management Corporation GTS 840 4,115.22 81.17 3,257
Hci Group Inc HCI 342 491.94 -55.82 225
James River Group Holdings Ltd JRVR 890 797.36 -188.88 367
Kingsway Financial Services Inc KFS 185 106.06 33.85 305
Kingstone Companies Inc KINS 10 144.86 -29.02 69
Kemper Corporation KMPR 3,476 5,678.00 -133.50 5,600
Leaf Group Ltd LEAF 304 231.10 -4.48 0
Mercury General Corporation MCY 2,075 3,540.65 -475.43 4,500
Markel Corporation MKL 24,372 11,222.69 64.28 10,600
National Security Group Inc. NSEC 41 66.13 0.82 1
Old Republic International Corporation ORI 7,421 8,458.60 801.60 8,200
Protective Insurance Corporation PTVCA 333 518.47 39.56 0
Tiptree Inc TIPT 498 1,294.52 23.55 929
United Fire Group Inc UFCS 749 972.62 52.65 1,057
United Insurance Holdings Corp UIHC 13 496.49 -176.07 119
Unico American Corporation UNAM 6 26.60 -10.33 86
Universal Insurance Holdings Inc UVE 331 1,179.55 -27.19 392
W. R. Berkley Corp WRB 0 7,775.78 1,334.12 7,493
Alleghany Corp Y 11,411 11,799.42 810.84 3,135
SUBTOTAL 957,329.42 774,313.59 38,839.57 348,249
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