The Progressive Corporation’s PGR second-quarter 2021 earnings per share of $1.51 beat the Zacks Consensus Estimate of $1.17. The bottom line however declined 17.5% year over year.Behind the HeadlinesNet premiums written were $11.5 billion in the quarter, up 13% from $10.1 billion a year ago. Net premiums earned grew 14% to nearly $11 billion.Net realized gains on securities were $461.8 million, down 48% year over year.Combined ratio — percentage of premiums paid out as claims and expenses — deteriorated 880 basis points (bps) from the prior-year quarter to 96.5.The Progressive Corporation Price, Consensus and EPS Surprise The Progressive Corporation price-consensus-eps-surprise-chart | The Progressive Corporation QuoteJune NumbersOperating revenues were $3.6 million, up 14.3% year over year. The improvement can be attributed to a 14.4% increase in premiums, 24.4% higher fees and other revenues, and 27% higher service revenues. This was partially offset by 1.4% lower investment income.Premium improvement was driven by increase in premiums across all lines of business.Total expenses increased 32% year over year to $3.6 billion due to 43.7% higher losses and loss adjustment expenses and 16.8% higher other underwriting expenses. A 1.3% lower Other underwriting expenses limited the downside.Policies in force were impressive at the Personal Auto segment, having improved 11% from the year-ago month to 17.6 million. Special Lines climbed 9% to 5.2 million.In Progressive’s Personal Auto segment, Direct Auto advanced 13% year over year to 9.6 million while Agency Auto improved 9% to 8 million.Progressive’s Commercial Auto segment rose 18% year over year to 0.9 million. The Property business had about 2.7 million policies in force in June, up 14%.Financial UpdateProgressive’s book value per share was $31.07 as of Jun 30, 2021, up 12.5% from $27.63 on Jun 30, 2020.Return on equity in June 2021 was 28.5%, down 640 bps year over year. Debt-to-total capital ratio improved 200 bps to 22.4Zacks RankProgressive currently carries a Zacks Rank #4 (Sell).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Upcoming ReleasesThe Travelers Companies, Inc. TRV is set to report second-quarter 2021 results on Jul 20. The Zacks Consensus Estimate for the second quarter is pegged at $2.35, indicating a rebound from the year-ago loss of 20 cents.W.R. Berkley Corporation WRB is set to report second-quarter 2021 results on Jul 21. The Zacks Consensus Estimate for the second quarter is pegged at 95 cents, implying an increase from 6 cents reported in the year-ago quarter.First American Financial Corporation FAF is set to report first-quarter 2021 results on Jul 22. The Zacks Consensus Estimate for the first quarter is pegged at $1.63, suggesting an improvement of 55.2% year over year. Bitcoin, Like the Internet Itself, Could Change Everything Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities. Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly. See 3 crypto-related stocks now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Travelers Companies, Inc. (TRV): Free Stock Analysis Report W.R. Berkley Corporation (WRB): Free Stock Analysis Report The Progressive Corporation (PGR): Free Stock Analysis Report First American Financial Corporation (FAF): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research