The Progressive Corporation PGR reported earnings per share of 58 cents for May 2021, down 7% year over year. Improvement in the top line was offset by rise in expenses.Progressive’s shares gained 14.9% in a year, underperforming the industry’s 39.7% increase. Image Source: Zacks Investment ResearchMay Numbers in DetailProgressive recorded net premiums written of $3.4 billion, up 7% from $3.2 billion in the year-ago month. Net premiums earned were $3.4 billion, up 13% from about $3 billion reported last May.Net realized losses on securities of $146.3 million narrowed from a loss of $210.6 million in the year-ago month.Combined ratio — percentage of premiums paid out as claims and expenses — improved 60 basis points (bps) year over year to 93.1.Total operating revenues were $3.5 billion, improving 12.7% year over year, owing to a 13.3% increase in premiums, 22.2% higher fee income and a 27.3% jump in service revenues. However, investment income, which was 16.8% lower, was a drag.Total expenses rose 12.7% to $3.2 billion, primarily because of 50.8% higher losses and loss adjustment expenses and a 16.1% jump in policy acquisition costs.In May, policies in force were impressive for both Vehicle and Property businesses. In its Vehicle business, the Personal Auto segment improved 11% year over year to 17.5 million. Special Lines increased 10% from the year-earlier month to 5.2 million policies.In Progressive’s Personal Auto segment, Agency Auto expanded 9% to 8 million, while Direct Auto increased 13% to 9.5 million.Progressive’s Commercial Auto segment rose 15% year over year to 0.9 million. The Property business had 2.6 million policies in force in the reported month, up 14% year over year.The company’s book value per share was $30.90 as of May 31, 2021, up 16.2% from $26.60 on May 31, 2020.Return on equity in the trailing 12 months was 31.7%, down 330 bps from 32.8% in May 2021. Debt-to-total-capital ratio deteriorated 260 bps year over year to 22.5 as of May 31, 2021.Progressive currently carries a Zacks Rank #4 (Sell).Stocks to ConsiderSome better-ranked stocks from the same industry are Selective Insurance Group SIGI, W.R. Berkley Corporation WRB and Alleghany Y.Selective Insurance delivered an earnings surprise of 75.26% in the last-reported quarter. It sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.W.R. Berkley delivered an earnings surprise of 21.35% in the last-reported quarter. It sports a Zacks Rank #1.Alleghany delivered an earnings surprise of 110.97% in the last-reported quarter. It carries a Zacks Rank #2.Time to Invest in Legal MarijuanaaIf you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027.After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%. You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential. Today, Download Marijuana Moneymakers FREE >> 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 W.R. Berkley Corporation (WRB): Free Stock Analysis Report The Progressive Corporation (PGR): Free Stock Analysis Report Selective Insurance Group, Inc. (SIGI): Free Stock Analysis Report Alleghany Corporation (Y): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research