Global Research and Evidence Lab 14 August 2024 First Read Progressive Corporation July 2024: PIF Better; underlying loss ratio below consensus How will the stock react? A: We expect a positive reaction to the better-than-expected PIF growth in July while the underlying loss ratio was a little worse than consensus expectations (but beat UBSe). PIF growth accelerated sequentially and was better than expected. PGR should continue to gain market share in the near term as it loosens underwriting restrictions qu ...