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Morningstar

Morningstar

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Oct 14, 2026

The Progressive Corporation: Progressive Earnings: Results Still Strong, but More Negative Signs

Symbols

PGR

Sector(s)

Financial Services

Rating

Current Price

233.92

Fair Value

Economic Moat

Stewardship

Summary

Progressive underwrites private and commercial auto insurance and specialty lines; it has almost 27 million personal auto policies in force and is one of the largest auto insurers in the United States. Progressive markets its policies through independent insurance agencies in the

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Analyst Profile

Brett Horn

Senior Equity Analyst

Brett Horn, CFA, is a senior equity analyst for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. He covers insurers and credit bureaus. He also oversees the equity research team's stewardship rating methodology.Before joining Morningstar in 2006, Horn worked in the banking industry for about a decade, most recently as a commercial loan officer for First Bank, where he was responsible for underwriting loans and managing relationships with middle market clients. Before that, Horn worked for Mizuho Corporate Bank, where he managed loan portfolios and client relationships, primarily with Fortune 500 companies. Horn holds a bachelor's degree in business administration, with a concentration in finance, from the University of Wisconsin and a master's degree in business administration from the University of Illinois. He also holds the Chartered Financial Analyst® designation. He ranked first in the business and industrial services industry in The Wall Street Journal's annual "Best on the Street" analysts survey in 2013, the last year the survey was conducted.

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