Today's Technical View on Progressive and Allstate: Improving U.S. Economy

Thu Feb 21, 2013 8:02am EST

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LONDON,  February 21, 2013  /PRNewswire/ --

With the U.S. economy showing significant signs of improvement, increased
private sector hiring, gains in housing and automobile markets, and expansion of
domestic energy production and manufacturing are among the macro-trends which
are likely to instill more confidence in the economy and spur stronger growth in
insurance sales. The outlook for the Property and Casualty Insurance industry
seems optimistic on account of price increases which would translate into
expansion of the underlying margins of major insurers. Superstorm Sandy, which
devastated  New York  and  New Jersey, would increase the demand for primary
commercial insurance and reinsurance, resulting into modest increase in property
reinsurance rates. Being amongst the largest insurers in the U.S., The
Progressive Corporation (NYSE: PGR) and The Allstate Corporation (NYSE: ALL)
could be direct beneficiaries. StockCall initiated free in-depth technical
analysis on Progressive and The Allstate which are currently available upon sign
up at

Progressive Corporation announces  January 2013  results

Progressive Corporation is  United States'  fourth largest auto insurer and
largest seller of motorcycle and commercial auto insurance. For the month of 
January 2013, Progressive reported Net Premiums written of  $1.53 billion, Net
Premiums earned of  $1.58 billion  and Net Income of  $134 million  or  $0.22 
per share, thereby registering net income growth of 81% over  January 2012. The
company repurchased 1.6 million shares at an average price of  $21.89  per
share, book value per share being  $10.21. Sign up for the free technical
analysis on Progressive Corp. at   

Earlier, Progressive Insurance announced a licensing program for intellectual
property related to usage-based car insurance programs. "We have been developing
and refining our industry-leading UBI program for more than 15 years and have
been awarded six patents for good reason," said  Glenn Renwick, Progressive's
President and CEO. Its current application of usage-based insurance (UBI)
accounts for more than  $1 billion  in premiums and is available in 43 states
and the  District of Columbia.

Allstate announces results of fourth quarter and full year of 2012

Allstate Corporation is the nation's largest publicly held personal lines
insurer, serving about 16 million households with its insurance products of
auto, home, life and retirement. The company reported exceptional overall
business growth for full year of 2012. Consolidated Revenues grew by over 2% to 
$33.3 billion  and Net Income was  $2.31 billion  or  $4.68  per diluted share,
up by 193% over 2011. Download the free report on The Allstate Corporation by
registering at   

For the fourth quarter, Allstate reported consolidated Revenue of  $8.54 billion
 and Net Income of  $394 million  or  $0.81  per diluted share. The company
announced a quarterly dividend of  $0.25  on each outstanding share of the
Corporation's common stock, payable in cash.

Emphasizing its focus on proactive capital management,  Steve Shebik, Chief
Financial Officer said, "In 2012 we completed a  $1 billion  share repurchase
and initiated a  $1 billion  share repurchase to be funded with hybrid debt to
further optimize our capital structure." He further added, "The Board took
additional actions to improve shareholder value by authorizing an additional  $1
billion  repurchase program expected to be completed by  March 2014, bringing
total buyback authorization to  $2.0 billion. Allstate's book value per diluted
share has increased by 17.2% to  $42.39  at year-end 2012."

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