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Taking a step back, Progressive’s results continue to reflect lower auto accident frequency, although with strong signs of diminishing benefits.
Progressive: Another step towards normal loss patterns
Progressive’s March results were strong. The firm reported $0.49 in operating EPS, down 50% YoY, and saw a headline combined of 90.7% (up 13.6 pts YoY). The comparison was complicated by an unfavorable comp against March 2020, a period associated with the pandemic’s peak by the extent of its socio-economic impact.