The Progressive Corporation PGR reported earnings per share of 43 cents for July 2021, down 69% year over year. Improvement in the top line was offset by a rise in expenses.Progressive’s shares have gained 5.9% in a year, underperforming the industry’s 28.9% increase.Image Source: Zacks Investment ResearchJuly Numbers in DetailProgressive recorded net premiums written of $4.6 billion, up 11% from $3.2 billion in the year-ago month. Net premiums earned were $4.3 billion, up 14% from about $3.8 billion reported the year-ago month.Net realized gain on securities of $122.7 million declined 63% year over year.Combined ratio — percentage of premiums paid out as claims and expenses — deteriorated 1320 basis points (bps) year over year to 96.7.Total operating revenues were $4.5 billion, improving 12.7% year over year, owing to a 14.1% increase in premiums, 18.2% higher fee income and a 22% jump in service revenues. However, investment income, which was 9.5% lower, was a drag.Total expenses rose 31.6% to $4.3 billion, primarily because of 37.6% higher losses and loss adjustment expenses, 16.8% rise in other underwriting expenses and a 15.3% jump in policy acquisition costs.In July, policies in force were impressive for both Vehicle and Property businesses. In its Vehicle business, the Personal Auto segment improved 9% year over year to 22.8 million. Special Lines increased 8% from the year-earlier month to 5.2 million policies.In Progressive’s Personal Auto segment, Agency Auto expanded 8% to 8 million, while Direct Auto increased 11% to 9.6 million.Progressive’s Commercial Auto segment rose 18% year over year to 0.9 million. The Property business had 2.7 million policies in force in the reported month, up 13% year over year.The company’s book value per share was $31.70 as of Jul 31, 2021, up 8.7% from $29.17 on Jul 31, 2020.Return on equity in the trailing 12 months was 25.2%, down 1310 bps from 38.3% in July 2020. Debt-to-total-capital ratio improved 140 bps year over year to 22.1 as of Jul 31, 2021.Progressive currently carries a Zacks Rank #4 (Sell).Stocks to ConsiderSome better-ranked stocks from the same space include Cincinnati Financial Corporation CINF, Everest Re Group, Ltd. RE and Fidelity National Financial, Inc. FNF, each sporting a Zacks Rank #1 (Strong Buy) You can see the complete list of today’s Zacks #1 Rank stocks here.Cincinnati Financial surpassed estimates in three of the last four quarters and missed in the other one, the average earnings surprise being 36.01%.The bottom line of Everest Re surpassed estimates in two of the last four quarters and missed in the other two, the average being 20.33%.Fidelity National’s earnings surpassed estimates in each of the last four quarters, the average being 37.32%. Zacks’ Top Picks to Cash in on Artificial Intelligence This world-changing technology is projected to generate $100S of billions by 2025. From self-driving cars to consumer data analysis, people are relying on machines more than we ever have before. Now is the time to capitalize on the 4th Industrial Revolution. Zacks’ urgent special report reveals 6 AI picks investors need to know about today.See 6 Artificial Intelligence Stocks With Extreme Upside Potential>>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 Cincinnati Financial Corporation (CINF): Free Stock Analysis Report Everest Re Group, Ltd. (RE): Free Stock Analysis Report The Progressive Corporation (PGR): Free Stock Analysis Report Fidelity National Financial, Inc. (FNF): Free Stock Analysis Report To read this article on Zacks.com click here.