Norwegian Billionaire Halvorsen’s Top 10 Stock Picks

8. The Progressive Corporation (NYSE:PGR)

Viking Global’s Q3 Stake: $884.5 million

Number of Hedge Fund Holders: 95

The Progressive Corporation (NYSE:PGR) is a leading insurance holding company offering personal and commercial auto insurance, as well as residential property coverage. By late 2022, it had established itself as the largest motor insurance provider in the U.S.

In the third quarter, The Progressive Corporation (NYSE:PGR) delivered strong financial results. The company reported GAAP earnings per share of $3.97, surpassing estimates by $0.08. Revenue reached $19.46 billion, marking a nearly 31% year-over-year increase and exceeding expectations by $400 million. The company also achieved a combined ratio of 89%, a key profitability and efficiency metric in the insurance industry.

On November 26, BMO Capital reaffirmed its positive outlook on The Progressive Corporation (NYSE:PGR), maintaining an Outperform rating with a price target of $273. However, the firm revised its forecast for the growth of Progressive’s personal auto policies in force for Q4. Originally expected to rise by 5%, the projection has been adjusted to a 3.8% increase, equating to approximately 877,000 new policies, down from the previously estimated 1,135,000.

Madison Sustainable Equity Fund stated the following regarding The Progressive Corporation (NYSE:PGR) in its Q3 2024 investor letter:

“The top contributors in the quarter were NextEra Energy, Oracle Corporation, The Progressive Corporation (NYSE:PGR), Equifax Inc., and United Healthcare. Progressive Corp continues to perform well in a strong personal auto market. August results were better than expected with strong margins and better than expected premium and Policy in Force growth.”