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Progressive Corp  (PGR)
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Progressive's

Competitiveness


 

PGR Sales vs. its Competitors Q2 2020



Comparing the results to its competitors, Progressive reported Total Revenue increase in the 2 quarter 2020 by 16.09 % year on year, while most of its competitors have experienced contraction in revenues by -4.52 %, recorded in the same quarter.

List of PGR Competitors

With net margin of 16.32 % company reported lower profitability than its competitors.

More on PGR Margin Comparisons



Revenue Growth Comparisons




Net Income Comparison


Progressive Corp Net Income in the 2 quarter 2020 grew year on year by 82.88 %, faster than average growth of Progressive's competitiors of 7.51 %

<<  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.





  

Commercial Auto Business Segment Market Share Q2 2020

Progressive Corp achieved revenue growth of 12.13 % in Commercial Auto Business segment, and improved market share, to approximate 19.73 %.



<<  More on PGR Market Share.
 

  

Investments Segment Market Share Q2 2020

Investments segment, revenue fell by -27.31 % and company lost market share, to approximate 7.02 %.





<<  More on PGR Market Share.
 

  

Total Segment Market Share Q2 2020

Progressive Corp achieved revenue growth of 12.71 % in overall company, and improved market share, to approximate 9.08 %.



<<  More on PGR Market Share.
 

  

Total Personal Lines Segment Market Share Q2 2020

With revenue growth of 6.61 % within Total Personal Lines segment, Progressive Corp achieved improvement in market share, within Total Personal Lines segment to approximate 16.2 %.

<<  More on PGR Market Share.
 

*Market share is not actual measurement, only performance comparison of companies which report and operate within the same segment.


PGR's vs. Competition, Data

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



COMPANY NAME MARKET CAP REVENUES INCOME EMPLOYEES
Progressive Corp 40,567 56,483 4,408 26,501
American International Group Inc 45,875 36,890 -4,944 65,000
Assurant Inc 10,146 8,606 433 17,600
Allstate Corp 43,814 34,956 4,503 38,800
Berkshire Hathaway Inc 246,497 539,579 36,353 0
Chubb Ltd 34,884 0 2,288 0
Cincinnati Financial Corporation 6,467 15,140 557 4,305
Donegal Group Inc 781 407 52 0
First Acceptance Corp 348 34 -9 1,400
Fednat holding company 456 80 -47 297
Global Indemnity Group Llc 601 411 7 460
Hallmark Financial Services inc 486 65 -120 411
Heritage Insurance Holdings Inc 572 281 19 247
Loews Corp 12,750 13,293 -1,517 17,510
Metlife Inc 65,567 47,814 5,848 66,000
National General Holdings Corp 5,470 3,965 497 4,630
Onebeacon Insurance Group, Ltd. 1,242 1,734 147 1,150
1347 Property Insurance Holdings Inc -58 18 -3 22
Proassurance Corporation 895 1,140 -249 938
Rli Corp 944 4,605 127 902
Safeco Corporation 0 0 0 0
Safety Insurance Group inc 835 1,198 113 622
State Auto Financial Corporation 1,409 835 -36 2,065
Hanover Insurance Group Inc 4,788 4,559 304 4,800
Travelers Companies inc 31,311 36,107 1,786 30,200
White Mountains Insurance Group ltd 835 0 -98 2,973
Horace Mann Educators Corporation 1,288 1,824 108 1,350
Infinity Property & Casualty Corp 1,345 1,658 33 2,300
The Hartford Financial Services Group Inc 20,556 18,933 1,609 17,500
Arch Capital Group Ltd 7,882 13,986 1,179 2,030
Atlas Financial Holdings Inc 115 2 -123 214
Amtrust Financial Services, Inc. 6,800 2,905 291 6,200
Aspen Insurance Holdings Ltd 2,593 0 -242 1,121
Aspira Womens Health Inc 1,825 597 104 1,433
Axis Capital Holdings Ltd 4,902 4,342 -124 1,225
Brown and Brown Inc 2,550 13,321 460 7,807
Conifer Holdings Inc 99 28 -6 133
China United Insurance Service Inc 123 22 5 2,239
Emc Insurance Group Inc. 722 780 32 1
Endurance Specialty Holdings Ltd. 2,539 0 283 1,154
Enstar Group Ltd 1,990 4,655 571 1,327
Essent Group Ltd 937 5,299 436 366
Triple s Management Corp 3,544 554 54 3,257
Homeowners Of America Holding Corp 0 0 0 56
Hci Group Inc 303 493 31 225
James River Group Holdings Ltd 853 1,495 45 367
Kingsway Financial Services Inc 59 110 -6 305
Kingstone Companies Inc 138 76 -1 69
Kemper Corporation 5,097 5,210 749 5,600
Leaf Group Ltd 192 141 -11 0
Mercury General Corporation 3,689 2,964 190 4,500
Markel Corporation 8,961 14,621 496 10,600
National Interstate Corp 0 0 0 715
Navigators Group Inc 1,527 2,090 2 675
National Security Group Inc 67 30 -5 1
Old Republic International Corporation 6,485 5,692 315 8,200
Protective Insurance Corporation 457 228 -4 0
State National Companies, Inc. 237 908 55 400
Tiptree Inc 718 0 -53 929
United Fire Group Inc 1,051 805 -127 1,057
United Insurance Holdings Corp 816 247 -70 119
Unico American Corp 32 27 -22 86
Universal Insurance Holdings Inc 1,039 493 -14 392
W R Berkley Corp 7,776 0 340 7,621
Xl Group Ltd 11,388 5,163 -543 4,663
Alleghany Corp 8,171 8,607 -48 3,135
SUBTOTAL 676,349 926,504 56,410 386,205


       
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