The Progressive Corporation’s PGR third-quarter 2021 earnings per share of 19 cents missed the Zacks Consensus Estimate by 57.6%. The bottom line plunged 82.4% year over year.The Progressive Corporation Price, Consensus and EPS Surprise The Progressive Corporation price-consensus-eps-surprise-chart | The Progressive Corporation Quote Behind the HeadlinesNet premiums written were $12.4 billion in the quarter, up 13% from $10.1 billion a year ago. Net premiums earned increased 14% to nearly $11.3 billion.Net realized gains on securities were $36.8 million, down 93% year over year.Combined ratio — percentage of premiums paid out as claims and expenses — deteriorated 1260 basis points (bps) from the prior-year quarter’s level to 100.4.September NumbersOperating revenues were $3.7 million, up 13.7% year over year. The improvement can be attributed to a 14.4% increase in premiums, 13.4% higher fees and other revenues and a 32.4% rise in service revenues. This was partially offset by 2.5% lower investment income.Premium improvement was driven by increase in premiums across all lines of business.Total expenses increased 28.9% year over year to $2.9BILLION due to 38.1% higher losses and loss adjustment expenses as well as 12.6% increase in policy acquisition costs. A decline of 2.5% in other underwriting expenses limited the downside.Policies in force were impressive in the Personal Auto segment, improving 8% from the year-ago month’s levels to 17.6 million. Special Lines climbed 8% to 5.3 million.In Progressive’s Personal Auto segment, Direct Auto advanced 10% year over year to 9.6 million and Agency Auto improved 9% to 8 million.Progressive’s Commercial Auto segment rose 19% year over year to 0.9 million. The Property business had about 2.7 million policies in force in September, up 13%.Financial UpdateProgressive’s book value per share was $30.88 as of Sep 30, 2021, up 2.8% from $30.04 on Sep 30, 2020.Return-on-equity in September 2021 was 19.4%, down 1730 bps year over year. Debt-to-total capital ratio improved 210 bps to 20.9Zacks RankProgressive currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Upcoming ReleaseThe Travelers Companies, Inc. TRV is set to report third-quarter 2021 results on Oct 19. The Zacks Consensus Estimate for third-quarter earnings is pegged at $2.14, down 34.6% from year-ago quarter’s reported figure.W.R. Berkley Corporation WRB is set to report third -quarter 2021 results on Oct 21. The Zacks Consensus Estimate for third-quarter earnings is pegged at 99 cents, up 52.3% from year-ago quarter’s reported figure.First American Financial Corporation FAF is set to report third -quarter 2021 results on Oct 21. The Zacks Consensus Estimate for third-quarter earnings is pegged at $1.66, suggesting an improvement of 26.7% year over year. 5 Stocks Set to Double Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2021. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>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