The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property. The Personal Lines segment writes insurance for personal autos and recreational vehicles (RV). This segment's products include personal auto insurance; and special lines products, including insurance for motorcycles, ATVs, RVs, watercrafts, snowmobiles, and related products. The Commercial Lines segment provides auto-related liability and physical damage insurance, and business-related general liability and property insurance for autos, vans, and pick-up trucks used by small businesses, as well as non-fleet taxis, black-car services, and airport taxis; tractors, trailers, and straight trucks primarily used by regional general freight and expeditor-type businesses, and long-haul operators; dump trucks used by light contractors and heavy constructions; log trucks and garbage trucks used by dirt, sand and gravel, logging, garbage/debris removal, and coal-type businesses; and tow trucks and wreckers used in towing services and gas/service station businesses. The Property segment writes residential property insurance for homeowners, other property owners, and renters, as well as offers manufactured homes, personal umbrella insurance, and primary and excess flood insurance. The company offers policy issuance and claims adjusting services; acts as an agent to homeowners, general liability, workers' compensation insurance, and other products; and reinsurance services. It sells its products through independent insurance agencies, as well as through mobile applications and over the phone. The Progressive Corporation was founded in 1937 and is headquartered in Mayfield Village, Ohio.

Компания Progressive Corporation демонстрирует смешанную картину по фундаментальным метрикам. С одной стороны, P/E и P/B находятся выше медианы отрасли, что может свидетельствовать о переоцененности. Тем не менее, показатели ROE и ROI значительно превышают отралевые средние, что указывает на высокую эффективность управления капиталом. Долговая нагрузка, выраженная через debt/equity ratio, ниже медианы, что является положительным фактором. Однако, текущий и быстрый коэффициенты ликвидности находятся на критически низком уровне, что вызывает озабоченность по поводу финансовой устойчивости. Дивидендная доходность на уровне 0.05% не привлекает инвесторов, однако рост выручки и чистой прибыли положительно сказываются на оценке. В целом, компания имеет сильные стороны в области прибыльности, но риски, связанные с ликвидностью и высокими мультипликаторами, требуют осторожного подхода к оценке ее акций.

Progressive Corporation (The)

Berkshire Hathaway BRK.B is expected to witness an improvement in its top and bottom lines when it reports first-quarter 2026 results.
The Zacks Consensus Estimate for BRK.B’s first-quarter revenues is pegged at $95.1 billion, indicating a 6% increase from the year-ago reported figure.
The consensus estimate for earnings is pegged at $4.82 per share. The Zacks Consensus Estimate for BRK.B’s first-quarter earnings witnessed no movement in the past 30 days. The estimate suggests a year-over-year decrease of 7.8%.
Image Source: Zacks Investment Research
BRK.B’s Earnings Surprise History
Berkshire Hathaway’s earnings beat the Zacks Consensus Estimate in one of the trailing four quarters and missed in the remaining three, the average surprise being 3.98%.
What the Zacks Model Unveils for Berkshire Hathaway
Our proven model does not conclusively predict an earnings beat for Berkshire this time around. This is because a stock needs to have the right combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold), which increases the chances of an earnings beat. This is not the case, as you can see below.
You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Earnings ESP: BRK.B has an Earnings ESP of 0.00%. This is because both the Most Accurate Estimate and the Zacks Consensus Estimate are pegged at $4.82.
Berkshire Hathaway Inc. Price and EPS Surprise
Zacks Rank: BRK.B currently has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank stocks here.
Factors Likely to Shape BRK.B’s Q1 Results
Berkshire Hathaway’s insurance operations are likely to have benefited in the to-be-reported quarter from improved pricing, strong policy retention, higher average auto premiums, broader market exposure and favorable reserve developments. A not-so-active catastrophe environment probably supported underwriting profitability. Ongoing growth in the insurance segment is also expected to have contributed to an increase in the company’s float.
GEICO, Berkshire’s private passenger auto insurer, is likely to have benefited from an increase in policies in force, higher average premiums per policy, lower claims frequency and improved operating efficiencies.
Investment income is likely to have risen as well, driven by higher yields and a larger investment asset base.
At BNSF, the railroad subsidiary, results might be weighed down by an unfavorable business mix and lower fuel surcharge revenues. However, earnings are likely to have been supported by higher unit volumes, improved workforce productivity and reduced operating expenses.
The utilities and energy segment is expected to have delivered a strong performance, fueled by increased contributions from natural gas pipelines and other energy-related operations.
Meanwhile, the Service and Retail divisions are likely to have benefited from a strengthening economic backdrop, with rising consumer activity supporting revenue growth and margin expansion.
Share buybacks are likely to have supported the bottom line.
BRK.B’s Price Performance & Valuation
The stock has underperformed the industry, but outperformed its sector and the S&P 500 in the first quarter of 2026.
Image Source: Zacks Investment Research
The stock is trading at a price-to-book value of 1.43X, higher than the industry’s 1.41X. It is attractively valued compared with other insurers like The Progressive Corporation PGR and The Allstate Corporation ALL.
Image Source: Zacks Investment Research
Investment Thesis
Berkshire Hathaway’s insurance operations are central to its business model, contributing about a quarter of total revenues and driving long-term growth. Although this segment is a key source of return on equity, it remains exposed to catastrophe-related losses, which can create fluctuations in underwriting performance. However, Berkshire’s diversified portfolio helps maintain overall stability.
Growth in the insurance segment has significantly expanded its float—the premiums collected before claims are paid—from roughly $114 billion in 2017 to about $176 billion by the end of 2025. This float serves as a low-cost funding source, enabling Berkshire to invest in high-quality assets with strong and consistent returns, including stakes in companies like Apple, Coca-Cola, BNSF Railway, and utility businesses.
Its strong financial position also supports ongoing share repurchases, reinforcing an effective capital allocation strategy and enhancing long-term shareholder value.
How to Play BRK.B Stock
Berkshire Hathaway, a conglomerate with over 90 subsidiaries spanning a wide range of industries, brings diversification and dynamism to shareholders’ portfolios. The spotlight now shifts to the next chapter, with Greg Abel as CEO.
Berkshire’s insurance business is likely to benefit from solid results at GEICO as well as higher interest income from short-term investments.
However, given price erosion, an unfavorable return on capital, write-downs in some investments, lowered times interest earned, near-term earnings pressure and contracting margins, investors should shy away from BRK.B stock presently.
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Here's How to Play Berkshire Hathaway Stock Before Q1 Earnings

Arch Capital Group Ltd. ACGL reported first-quarter 2026 operating income of $2.50 per share, which beat the Zacks Consensus Estimate by 2.4%. The bottom line increased 15.4% year over year.
ACGL’s quarterly results benefited from improved net investment income, stronger underwriting performance and lower catastrophe losses. These positives were partially offset by declining premium volumes and weakness in the mortgage segment.
Arch Capital Group Ltd. Price, Consensus and EPS Surprise
Behind the Headlines
Operating revenues of $4.4 billion decreased 3.8% year over year, primarily due to lower net premiums earned. Revenues missed the Zacks Consensus Estimate by 6.1%.
Gross premiums written decreased 0.6% year over year to $6.4 billion.
Net premiums earned declined 4.8% year over year to $3.9 billion, mainly due to lower premiums earned in its Reinsurance segment. The figure missed the Zacks Consensus Estimate by 6%.
Pre-tax net investment income increased 7.9% year over year to $408 million, missing the Zacks Consensus Estimate of $417 million. The figure was higher than our estimate of $378.2 million.
Pre-tax current accident year catastrophic losses for the company’s insurance and reinsurance segments, net of reinsurance and reinstatement premiums, totaled $174 million.
Arch Capital Group’s underwriting income increased 74.6% year over year to $728 million. The combined ratio, representing the percentage of premiums paid out as claims and expenses, improved 440 basis points to 81.7 year over year, beating the Zacks Consensus Estimate of 83.1 and our model estimate of 83.2.
Q1 Segmental Results
Insurance: Gross premiums written increased 2% year over year to $2.7 billion. Net premiums written declined 1.4% year over year to $1.9 billion, primarily due to the non-renewal of select MCE-related programs. Net premiums written also came in below our estimate of $2.1 billion.
Underwriting income was $66 million, rebounding from a year-ago loss of $2 million, though it fell short of our estimate of $155.4 million. The combined ratio improved 360 basis points year over year to 96.5, marginally above the Zacks Consensus Estimate of 94.4.
Reinsurance: Gross premiums written decreased 2.3% year over year to $3.4 billion. Net premiums written declined 6% year over year to $2.1 billion, primarily reflecting a reduction in property catastrophe business. The figure was on par with our estimate.
Underwriting income totaled $441 million, up 164% year over year. The combined ratio improved 1590 basis points year over year to 75.9, significantly better than the Zacks Consensus Estimate of 80.7.
Mortgage: Gross premiums written declined 3.1% year over year to $316 million, primarily due to lower U.S. monthly premium business. Net premiums written remained flat year over year to $266 million. Net premiums written exceeded our estimate of $254.7 million.
Underwriting income declined 12.3% year over year to $221 million. The combined ratio deteriorated 620 basis points year over year to 22.3, and it remained well below the Zacks Consensus Estimate of 22.8.
Financial Update
Arch Capital Group exited the first quarter with cash and cash equivalents of $914 million, down 8% from the 2025-end level.
Total debt was $2.7 billion as of March 31, 2026, and remained flat from the 2025-end level.
Book value per share was $66.19 as of March 31, 2026, reflecting an increase of 1.7% from the 2025-end level.
Annualized operating return on average commonequity expanded 240 basis points year over year to 15.4%.
Net cash provided by operating activities was $1.2 billion, down 18.5% year over year.
During the first quarter of 2026, ACGL repurchased common shares worth of $783 million.
Zacks Rank
ACGL currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Insurers
Cincinnati Financial Corporation CINF reported first-quarter 2026 operating income of $2.10 per share, which surpassed the Zacks Consensus Estimate by 8.8%. The bottom line improved significantly, from a loss of 24 cents to $2.10 per share year over year.
Total operating revenues for the quarter were $2.9 billion, reflecting a 12% year-over-year increase, though the figure missed the Zacks Consensus Estimate by 0.7%.
The Progressive Corporation’s PGR first-quarter 2026 earnings per share of $4.96 beat the Zacks Consensus Estimate by 2.5%. The bottom line increased 6.7% year over year.
Operating revenues grew 8.2% year over year to $22.3 billion driven by 8% higher net premiums earned, a 12.7% increase in net investment income, a 3.5% rise in fees and other revenues, and 13.5% higher service revenues. The top line missed the Zacks Consensus Estimate by 1.2%. Net premiums earned grew 8% to $20.9 billion. The reported figure beat the Zacks Consensus Estimate by 1.5%.
Selective Insurance Group SIGI reported first-quarter 2026 operating income of $1.69 per share, which missed the Zacks Consensus Estimate by 2.3%. The bottom line decreased 11% year over year.
Operating revenues of $1.4 billion increased 6.4% from the year-ago quarter’s level, driven primarily by higher net premiums earned and net investment income. The top line, however, missed the Zacks Consensus Estimate by 0.5%. Net premiums written decreased 1% to $1.3 billion. The figure was on par with our estimate.
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Arch Capital Q1 Earnings Beat Estimates, Premiums Fall Y/Y

Cincinnati Financial Corporation's CINF reported first-quarter 2026 operating income of $2.10 per share, which surpassed the Zacks Consensus Estimate by 8.8%. The bottom line improved significantly from a loss of 24 cents per share in the year-ago quarter.
Total operating revenues for the quarter were $2.9 billion, reflecting a 12% year-over-year increase. The figure, however, missed the Zacks Consensus Estimate by 0.7%.
Quarterly results benefited from strong premium growth, improved pricing, and higher net investment income, alongside a sharp reduction in losses and related expenses.
Cincinnati Financial Corporation Price, Consensus and EPS Surprise
Cincinnati Financial Corporation price-consensus-eps-surprise-chart | Cincinnati Financial Corporation Quote
Operational Update
Earned premiums climbed 11% year over year to $2.6 billion, driven by premium growth initiatives, price increases and higher insured exposures. The figure marginally missed the Zacks Consensus Estimate by 0.7%.
Net investment income, net of expenses, increased 14% year over year to $318 million, primarily due to a 12% rise in interest income from fixed-maturity securities and a 13% jump in equity portfolio dividends. The figure marginally beat the Zacks Consensus Estimate by 3.6%
Total benefits and expenses declined 6% year over year to $2.4 billion, mainly due to a 12% decrease in loss and loss expense.
In its property and casualty insurance business, CINF reported underwriting income of $115 million, which improved significantly from a loss of $298 million. The figure was below the Zacks Consensus Estimates of $129.7 million.
The combined ratio, a key measure of underwriting profitability, improved 1770 basis points year over year to 95.6, outperforming the consensus estimate of 96.3.
Quarterly Segment Update
Commercial Lines Insurance: Total revenues of $1.2 billion increased 5% year over year, missing the Zacks Consensus Estimate by 1.2%. The upside was primarily driven by a 5% rise in earned premiums.
Underwriting income was $18 million, down 81% year over year. The combined ratio improved 670 basis points year over year to 98.6%. The Zacks Consensus Estimate was 96.3%.
Personal Lines Insurance: Total revenues of $875 million increased 25% year over year, driven by an 25% rise in earned premiums. The Zacks Consensus Estimate was $856 million.
Underwriting profit increased significantly year over year to $30 million from a loss of $357 million, surpassing the Zacks Consensus Estimate of $28 million. The combined ratio improved 5450 basis points year over year to 96.8%. The figure was on par with the Zacks Consensus Estimate.
Excess and Surplus Lines Insurance: Total revenues of $181 million grew 11% year over year, aided by an 11% increase in earned premiums. The Zacks Consensus Estimate was $185 million.
Underwriting profit increased 5% year over year to $21 million, significantly surpassing the Zacks Consensus Estimates of $14.1 million. The combined ratio deteriorated 100 basis points year over year to 89.3%. The Zacks Consensus Estimate was 92.7%.
Life Insurance: Total revenues were $140 million, up 8% year over year, driven by 6% higher earned premiums and 8% higher investment income, net of expenses.The Zacks Consensus Estimate was $136 million.
Total benefits and expenses increased 4% year over year to $107 million.
Financial Update
As of March 31, 2026, Cincinnati Financial reported total assets of $41.2 billion, up 0.5% from the 2025-end level.
Long-term debt was $791 million as of March 31, 2026, up 0.1% from the 2025-end level.
The company’s debt-to-capital ratio remained flat at 4.9% from the 2025-end level.
As of March 31, 2026, CINF’s book value per share decreased 0.7% year over year to $101.60.
Zacks Rank
Cincinnati Financial currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Insurers
The Travelers Companies, Inc. TRV reported first-quarter 2026 core income of $7.71 per share, which beat the Zacks Consensus Estimate by 10.5%. The bottom line surged fourfold year over year. Travelers’ total revenues remained flat from the year-ago quarter to $11.9 billion. The top-line figure, however, missed the Zacks Consensus Estimate by 3.7%.
Net written premiums increased 2% year over year to a record $10.3 billion, driven by strong growth across Business Insurance and Bond & Specialty Insurance segments. Net investment income increased 8.4% year over year to $1 billion. The figure matched the Zacks Consensus Estimate.
The Progressive Corporation’s PGR first-quarter 2026 earnings per share of $4.96 beat the Zacks Consensus Estimate by 2.5%. The bottom line increased 6.7% year over year.
Operating revenues grew 8.2% year over year to $22.3 billion driven by 8% higher net premiums earned, a 12.7% increase in net investment income, a 3.5% rise in fees and other revenues, and 13.5% higher service revenues. The top line missed the Zacks Consensus Estimate by 1.2%. Net premiums earned grew 8% to $20.9 billion. The reported figure beat the Zacks Consensus Estimate by 1.5%.
Selective Insurance Group SIGI reported first-quarter 2026 operating income of $1.69 per share, which missed the Zacks Consensus Estimate by 2.3%. The bottom line decreased 11% year over year.
Operating revenues of $1.4 billion increased 6.4% from the year-ago quarter’s level, driven primarily by higher net premiums earned and net investment income. However, the top line missed the Zacks Consensus Estimate by 0.5%. Net premiums written decreased 1% to $1.3 billion. The figure was on par with our estimate.
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Cincinnati Financial Q1 Earnings Beat Estimates on Higher Premiums

Earnings Season Surprises

Shares of Berkshire Hathaway Inc. BRK.B have lost momentum. The stock has moved below its 50-day simple moving average (SMA), signaling a bearish trend.
The 50-day SMA is a key indicator for traders and analysts to identify support and resistance levels.
Based on short-term price targets offered by four analysts, the Zacks average price target is $524.45 per share. The average suggests a potential 11.7% upside from the last closing price.
BRK.B shares have lost 6.6% year to date, wider than the industry’s decrease of 5.3%. Berkshire Hathaway is a conglomerate with more than 90 subsidiaries engaged in diverse business activities. This provides it stability in various economic cycles.
Image Source: Zacks Investment Research
BRK.B’s peer, Chubb Limited CB, has gained 4.5% year to date, while another peer, The Progressive Corporation PGR, has lost 11.8% year to date.
BRK.B Shares Are Expensive
Shares of Berkshire Hathaway are overvalued compared with its industry. The stock is currently trading at a price-to-book multiple of 1.41, higher than the industry average of 1.39 but below the three-year median of 1.53. It has a Value Score of D.
Image Source: Zacks Investment Research
Berkshire Hathaway is relatively cheap compared with PGR and CB.
The Case for BRK.B Stock
Berkshire Hathaway’s insurance operations remain the cornerstone of its business, accounting for about a quarter of total revenues and serving as a primary engine of long-term value creation. The segment benefits from disciplined underwriting, extensive market presence, and a consistent record of profitability across economic cycles. A key advantage is the sizable underwriting float, which Warren Buffett has effectively leveraged as a low-cost capital source to fund investments throughout the company.
This strong insurance foundation is complemented by Berkshire’s diversified operating businesses. Berkshire Hathaway Energy (BHE), its regulated utility division, delivers steady and predictable cash flows while expanding its renewable energy portfolio. These investments align with long-term global trends such as electrification and decarbonization, supporting sustained future demand.
BNSF Railway is another critical asset, representing one of the largest freight rail networks in the United States. Although it currently faces challenges from a weaker freight mix and lower fuel surcharge revenues, it remains a high-quality, long-term business driven by essential transportation needs.
The Manufacturing, Service, and Retail segment further enhances diversification. While more cyclical in nature, it offers upside potential through stronger economic conditions, which can boost volumes and margins over time.
Financially, Berkshire maintains a highly conservative capital allocation approach. Its cash and U.S. Treasury holdings surpassed $370 billion by the end of 2025, providing significant flexibility for acquisitions while generating stable income.
The company has also been actively adjusting its equity portfolio—exiting BYD, reducing positions in Apple and Bank of America, and increasing investments in Japanese trading companies like Mitsubishi and Mitsui. A new stake in Alphabet highlights its focus on durable, cash-generating businesses.
Overall, Berkshire’s growing insurance float, which reached $176 billion by the end of 2025, continues to provide a powerful and cost-efficient capital base for long-term shareholder value creation.
Berkshire Hathaway’s Return on Capital
Return on equity (“ROE”) in the trailing 12 months was 6.5%, underperforming the industry average of 7.3%. Return on equity, a key profitability measure, reflects how effectively a company utilizes its shareholders’ funds. It is noteworthy that though BRK.B’s ROE lags the industry average, the metric has been improving consistently.
The same holds true for return on invested capital (ROIC), which has increased every year since 2020. This reflects BRK.B’s efficiency in utilizing funds to generate income. However, ROIC in the trailing 12 months was 5.3%, lower than the industry average of 5.7%.
Mixed Analyst Sentiment
The Zacks Consensus Estimate for 2026 revenues indicates a 3.7% year-over-year increase, but the same for earnings implies a 1.8% year-over-year decrease. The consensus estimate for 2027 revenues and EPS implies a year-over-year increase. BRK.B has a Growth Score of F.
Though the consensus estimate for 2026 earnings has moved 2 cents north in the last 30 days, the same for 2027 earnings has moved 4 cents south in the same time frame.
Image Source: Zacks Investment Research
The consensus estimate for CB’s 2026 and 2027 earnings has moved north in the past 30 days, while those for PGR have moved south in the same time frame.
Parting Thoughts on BRK.B Shares
Berkshire Hathaway has been a cornerstone of investor portfolios for decades, generating steady shareholder value under Warren Buffett’s nearly 60-year leadership. The spotlight now shifts to the next chapter, with Greg Abel as CEO.
Still, current factors warrant caution. It has a VGM Score of D. With the stock trading at a premium, returns on capital appearing moderate, looming near-term earnings pressure and mixed analyst sentiment, it is wise to shy away from this Zacks Rank #4 (Sell) stock presently.
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Berkshire Trades Below 50-Day SMA: What Should Investors Know?

Kinsale Capital Group, Inc. KNSL delivered first-quarter 2026 net operating earnings of $5.11 per share, which outpaced the Zacks Consensus Estimate by 8.7%. The bottom line increased 37.7% year over year.
Operating revenues increased 10.2% year over year to $467 million, which surpassed the Zacks Consensus Estimate by 0.1%.
The quarterly results benefited from growth in net premiums written, increased net investment income and disciplined underwriting supported by efficient capital management. However, these gains were partially offset by elevated operating expenses.
Kinsale Capital Group, Inc. Price, Consensus and EPS Surprise
KNSL’s Operational Update
Gross written premiums of $482 million decreased 0.5% year over year, primarily due to a 28.3% decline in the Commercial Property Division. Net written premiums climbed 5.6% year over year to $403.3million.
Net investment income increased 26.5% year over year to $55.4 million. The increase was primarily driven by growth in the company’s investment portfolio.However, net investment income missed the Zacks Consensus Estimate by 0.5%.
Total expenses increased 5.1% year over year to $327 million due to a rise in underwriting, acquisition and insurance expenses as well as interest expense. Our model estimate was $289.6 million.
Kinsale Capital’s underwriting income was $94.5 milion, up 40% year over year. The increase was driven by growth in net earned premiums, higher favorable development of loss reserves from prior accident years, and lower catastrophe losses. Underwriting income surpassed our model estimate by 14.5%.
The combined ratio improved 470 basis points (bps) year over year to 77.4 compared with the Zacks Consensus Estimate of 79.1. The loss ratio improved 580 bps to 56.3, reflecting lower catastrophe losses and favorable reserve development. The expense ratio deteriorated 110 bps year over year to 21.1.
Financial Update
Kinsale Capital exited the first quarter of 2026 with cash and cash equivalents of $ 223.2 million, which increased 36.7% from the 2025-end level.
As of March 31, 2026, stockholders’ equity increased 0.4% year over year to approximately $1.9 billion.
Book value per share was $85.31 as of March 31, 2026, up 1.1% from the 2025-end level.
Annualized operating return on equity improved 150 bps year over year to 24 % in the reported quarter.
Capital Deployment
KNSL repurchased 0.2 million shares for $62.5 million in the first quarter of 2026. The insurer had $187.5 million remaining under its authorization as of March 31, 2026.
KNSL paid a cash dividend of 25 cents per share in the first quarter of 2026.
Zacks Rank
KNSL currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Insurers
Selective Insurance Group (SIGI) reported first-quarter 2026 operating income of $1.69 per share, which missed the Zacks Consensus Estimate by 2.3%. The bottom line decreased 11% year over year.
Operating revenues of $1.4 billion increased 6.4% from the year-ago quarter’s level, driven primarily by higher net premiums earned and net investment income. The top line misses the Zacks Consensus Estimate by 0.5%. Net premiums written (NPW) decreased 1% to $1.3 billion. The figure was on par with our estimate.
The Travelers Companies, Inc. TRV reported first-quarter 2026 core income of $7.71 per share, which beat the Zacks Consensus Estimate by 10.5%. The bottom line surged fourfold year over year. Travelers’ total revenues remained flat from the year-ago quarter to $11.9 billion. The top line missed the Zacks Consensus Estimate by 3.7%.
Net written premiums increased 2% year over year to a record $10.3 billion, driven by strong growth across Business Insurance and Bond & Specialty Insurance segments. Net investment income rose 8.4% year over year to $1 billion. The figure matched the Zacks Consensus Estimate.
The Progressive Corporation’sPGR first-quarter 2026 earnings per share of $4.96 beat the Zacks Consensus Estimate by 2.5%. The bottom line increased 6.7% year over year.
Operating revenues grew 8.2% year over year to $22.3 billion, driven by 8% higher net premiums earned, a 12.7% increase in net investment income, a 3.5% rise in fees and other revenues, and 13.5% higher service revenues. The top line missed the Zacks Consensus Estimate by 1.2%. Net premiums earned grew 8% to $20.9 billion. The reported figure beat the Zacks Consensus Estimate by 1.5%.
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KNSL Q1 Estimates Beat on Strong Underwriting, Revenues Rise Y/Y

Principal Financial Group, Inc.’s PFG first-quarter 2026 operating net income of $2.07 per share beat the Zacks Consensus Estimate by 2.9%. The bottom line increased 14% year over year.
Total revenues decreased 4.5% year over year to $3.5 billion, missing the Zacks Consensus Estimate by 14.5%
Principal Financial witnessed operating earnings rising on strong fee income, assets under management ("AUM") growth and improved underwriting across segments. Despite a modest decline in total revenues, lower expenses and margin expansion led to a significant increase in the bottom line.
Behind the Headlines
Total expenses decreased 8.2% year over year to $3 billion due to lower benefits, claims and settlement expenses as well as operating expenses.
Principal Financial Group, Inc. Price, Consensus and EPS Surprise
As of March 31, 2026, Principal Financial’s AUM were $770.2 billion, included within assets under administration of $1.8 trillion.
Q1 Segment Update
Retirement and Income Solution: Revenues increased 4% year over year to $750 million due to higher premiums and other considerations, fees and other revenues, and net investment income.
Pre-Tax operating earnings increased 6% year over year to $302.1 million, primarily due to higher net revenues and disciplined expense management.
Investment Management: Revenues of $426 million were up 2% from the prior-year quarter due to higher fees and other revenues and net investment income.
Pre-Tax operating earnings increased 8% year over year to $125.1 million, primarily due to higher operating revenues less pass-through expenses. The operating margin has increased 100 bps year over year to 30%.
International Pension: Revenues increased 15% year over year to $169.3 million, owing to lower premiums and other considerations, fees and other revenues, and net investment income.
Pre-Tax operating earnings of $83.4 million increased 17% year over year, driven by higher net revenues and disciplined expense management.
Specialty Benefits: Premiums and fees increased 4% year over year to $861.4 million, owing to higher premiums and other considerations as well as net investment income.
Pre-tax operating earnings of $136.8 million increased 29% year over year, primarily due to more favorable underwriting.
Life Insurance: Revenues increased 1% year over year to $238.6 million, owing to higher premiums and other considerations, fees and other revenues, and net investment income.
Pre-tax operating earnings of $33.2 million surged more than threefold year over year, driven by growth in the business, expense management discipline and improved mortality experience.
Corporate: Pre-tax operating loss of $122.1 million was wider than the year-ago loss of $105.6 million.
Financial Update
As of March. 31, 2026, cash and cash equivalents were $3.5 billion, which decreased 12.4% from the 2025-end level.
In the first quarter of 2026, long-term debt was $4.2 billion, which remained flat from the 2025 end level. As of March 31, 2026, book value per share (excluding cumulative change in fair value of funds withheld, embedded derivative and AOCI other than foreign currency translation adjustment) was $60.30, up 10% from the 2025-end level.
Dividend and Share Repurchase Update
Principal Financial returned $374 million of capital to its shareholders in the first quarter of 2026, including $200 million of share repurchases and $174 million of dividends.
Board of directors raised the second-quarter dividend by 8% to 82 cents per share. The dividend will be payable on June 27, 2026, to its shareholders of record as of June 2.
Zacks Rank
Principal Financial currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Insurers
The Travelers Companies, Inc. TRV reported first-quarter 2026 core income of $7.71 per share, which beat the Zacks Consensus Estimate by 10.5%. The bottom line surged fourfold year over year. Travelers’ total revenues of $11.9 billion remain flat compared with the year-ago quarter. The top-line figure, however, missed the Zacks Consensus Estimate by 3.7%.
Net written premiums increased 2% year over year to a record $10.3 billion, driven by strong growth across Business Insurance and Bond & Specialty Insurance segments. Net investment income increased 8.4% year over year to $1 billion. The figure matched the Zacks Consensus Estimate.
The Progressive Corporation’s PGR first-quarter 2026 earnings per share of $4.96 beat the Zacks Consensus Estimate by 2.5%. The bottom line increased 6.7% year over year.
Operating revenues grew 8.2% year over year to $22.3 billion driven by 8% higher net premiums earned, a 12.7% increase in net investment income, a 3.5% rise in fees and other revenues, and 13.5% higher service revenues. The top line missed the Zacks Consensus Estimate by 1.2%. Net premiums earned grew 8% to $20.9 billion. The reported figure beat the Zacks Consensus Estimate by 1.5%.
RLI Corp. RLI reported first-quarter 2026 operating earnings of 83 cents per share, which missed the Zacks Consensus Estimate by 2.3%. The bottom line decreased 13.2% from the prior-year quarter.
Operating revenues for the reported quarter were $454 million, up 4.4% year over year, driven by higher net premiums earned and net investment income. The top line beat the Zacks Consensus Estimate by 1%.Gross premiums written increased 3% year over year to $503.9 million. Net investment income increased 15.2% year over year to $42.3 million. The Zacks Consensus Estimate for the metric was pegged at $40.2 million, while our estimate was $38.3 million.
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PFG Q1 Earnings Top Estimates, Revenues Decline Y/Y, Dividend Up

Globe Life Inc. GL reported first-quarter 2026 net operating income of $3.43 per share, which missed the Zacks Consensus Estimate by 0.9%. The bottom line, however, improved 11.7% year over year, driven by higher insurance underwriting income.
While higher premiums, stronger underwriting income, and increased investment income supported results, these gains were offset by elevated expenses, resulting in an earnings miss.
Globe Life Inc. Price, Consensus and EPS Surprise
Behind the Headlines
Globe Life reported total premium revenues of $1.3 billion, up 6% year over year. This upside was primarily driven by higher premiums from Life and Health insurance.
Net investment income increased 3.3% year over year to $289.8 million.
The company reported operating revenues of $1.56 billion, up 5.3% from the year-ago quarter’s level. The improvement was driven by growth in Life and Health insurance premiums and improved net investment income. The top line missed the Zacks Consensus Estimate by 0.4%
Excess investment income, a measure of profitability, increased 2.2% year over year to $36.7 million.
Total insurance underwriting income increased 5% year over year to $352.4 million. The increase can be attributed to higher Health underwriting income.
Administrative expenses were up 7.7% year over year to $94.3 million.
Total benefits and expenses increased 5.3% year over year to $1.2 billion, primarily due to higher total policyholder benefits, amortization of deferred acquisition costs, commissions, premium taxes, and non-deferred acquisition costs, and other operating expense.
Segmental Results of GL
Premium revenues at Life increased 3% year over year to $853.2 million, driven by higher premiums written by distribution channels like American Income and Liberty National. American Income and Liberty National rose 5% and 4%, respectively. Net sales of $157.4 million increased 6% year over year. Underwriting margins increased 3% to $349.1 million.
Health insurance premium revenues rose 13% year over year to $416.9 million, primarily driven by higher premiums from United American, Family Heritage and Direct to Consumer. Net health sales increased 58% to $106.2 million. Underwriting margins increased 12% to $94.5 million.
Globe Life’s Financial Update
Shareholders’ equity, excluding accumulated other comprehensive income (AOCI), as of March 31, 2026, increased 5.3% year over year to $7.8 billion.
As of March 31, 2026, Globe Life reported book value per share, excluding AOCI, of $98.56, up 12.1% year over year.
Operating return on equity, excluding AOCI, was 14% in the reported quarter, which contracted 10 basis points year over year.
GL’s Share Repurchase
Globe Life repurchased 1.4 million shares worth $203 million in the reported quarter.
2026 View
Globe Life raised its full-year 2026 net operating income to the range of $15.40-$15.90 per diluted share.
GL's Zacks Rank
Globe Life currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Insurers
The Progressive Corporation PGR reported first-quarter 2026 earnings per share of $4.96, which beat the Zacks Consensus Estimate by 2.5%. The bottom line increased 6.7% year over year. PGR’s net premiums written were $23.6 billion in the reported quarter, up 6.5% from $22.2 billion a year ago. Net premiums earned grew 8% to $20.9 billion, which beat the Zacks Consensus Estimate by 1.5%.
Progressive’s operating revenues grew 8.2% year over year to $22.3 billion, driven by higher net premiums earned, an increase in net investment income, a rise in fees and other revenues and higher service revenues. The top line missed the Zacks Consensus Estimate by 1.2%
The Travelers Companies, Inc. TRV reported first-quarter 2026 core income of $7.71 per share, which beat the Zacks Consensus Estimate by 10.5%. The bottom line surged fourfold year over year. The increase was primarily driven by lower catastrophe losses and higher net investment income. Travelers’ total revenues remained flat year over year at $11.9 billion. The top-line figure, however, missed the Zacks Consensus Estimate by 3.7%.
Net written premiums increased 2% year over year to a record $10.3 billion, driven by strong growth across Business Insurance and Bond & Specialty Insurance segments. TRV’s net investment income increased 8.4% to $1 billion, primarily due to the long-term fixed income investment portfolio.
W.R. Berkley Corporation WRB reported first-quarter 2026 operating income of $1.30 per share, which outpaced the Zacks Consensus Estimate by 15%. The bottom line increased 23.4% year over year. W.R. Berkley’s net premiums written were about $3.7 billion, up 2.8% year over year. Operating revenues totaled $3.6 billion, up 4% year over year. However, the top line missed the consensus estimate by 0.28%.
WRB’s net investment income grew 6.6% to $338.2 million. Total expenses increased 2.2% to $3 billion. The loss ratio decreased 100 basis points (bps) to 62.2, while the expense ratio improved 80 bps year over year to 28.6.
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Globe Life Q1 Earnings Miss Estimates, Rise Y/Y on Higher Premiums

RLI Corp. RLI reported first-quarter 2026 operating earnings of 83 cents per share, which missed the Zacks Consensus Estimate by 2.3%. The bottom line decreased 13.2% from the prior-year quarter.
The quarterly results reflect underwriting strain from catastrophe losses, though investment income and casualty growth offer resilience.
Operational Performance
Operating revenues for the reported quarter were $454 million, up 4.4% year over year, driven by higher net premiums earned and net investment income. The top line beat the Zacks Consensus Estimate by 1%.
RLI Corp. Price, Consensus and EPS Surprise
Gross premiums written (GPW) increased 3% year over year to $503.9 million, driven by strong growth in the casualty segment (up 10%). Our estimate was $523.9 million.
Net investment income increased 15.2% year over year to $42.3 million. The Zacks Consensus Estimate was $40.2 million, while our estimate for the metric was pegged at $38.3 million. The investment portfolio’s total return was -0.4% in the quarter.
Total expenses increased 8% year over year to $385.7 million, primarily due to higher loss and settlement expenses and interest expense on debt. Our estimate was $349.4 million.
Underwriting income fell 18% year over year to $57.8 million. Our estimate was $71.4 million. The combined ratio deteriorated 370 basis points (bps) year over year to 86, reflecting higher catastrophe losses. Our estimate was 82.
Segmental Results
Casualty lines’ GPW rose 10.3% year over year to $307.0 million. The figure was below our estimate of $300.9 million.
The underwriting income increased significantly to $7.3 million from $2.1 million, up 249% year over year, supported by strong premium growth. The combined ratio improved 200 bps year over year to 97.1%. The figure was below our estimate of 99%.
Property lines’ GPW fell 9.0% year over year to $154.8 million. The figure was below our estimate of $180.1 million.
The underwriting income declined to $48.2 million, down 15.3% primarily due to catastrophe losses and lower premium volumes. The combined ratio deteriorated 480 bps year over year to 61.9%. Our estimate was 55%.
Surety lines’ GPW remained largely flat at $42.1 million. The figure was on par with our estimate.
The underwriting income dropped sharply to $2.3 million from $11.6 million, reflecting weaker reserve development and higher expenses. The combined ratio worsened significantly to 93.7% from 68.5%, up 2,520 bps year over year. Our estimate was 74.7%.
Financial Update
RLI exited the quarter with total investments and cash of $4.9 billion, up 4.8% from 2025-end.
Book value was $19.54 per share as of March. 31, 2026, up 1% from the figure as of Dec. 31, 2025.
Net cash flow from operations was $42.8 million, down 58.6% year over year.
The statutory surplus decreased 1.7% from 2025-end to $1.8 billion as of March. 31, 2025.
Return on equity was 22.5%, expanding 490 bps from the year-ago period.
Dividend Update
On March 16, 2026, the insurer paid a regular quarterly dividend of 16 per cent per share for the first quarter. RLI’s cumulative dividends totaled more than $1.1 billion, paid over the last five years.
Zacks Rank
RLI currently has a Zacks Rank #4 (Sell).
Performance of Another Insurer
The Travelers Companies, Inc. TRV reported first-quarter 2025 core income of $7.71 per share, which beat the Zacks Consensus Estimate by 10.5%. The bottom line surged fourfold year over year. Travelers’ total revenues remain flat from the year-ago quarter to $11.9 billion. The top-line figure, however, missed the Zacks Consensus Estimate by 3.7%.
Net written premiums increased 2% year over year to a record $10.3 billion, driven by strong growth across Business Insurance and Bond & Specialty Insurance segments. Net investment income increased 8.4% year over year to $1 billion. The figure matched the Zacks Consensus Estimate.
The Progressive Corporation PGR first-quarter 2026 earnings per share of $4.96 beat the Zacks Consensus Estimate by 2.5%. The bottom line increased 6.7% year over year.
Operating revenues grew 8.2% year over year to $22.3 billion driven by 8% higher net premiums earned, a 12.7% increase in net investment income, a 3.5% rise in fees and other revenues, and 13.5% higher service revenues. The top line missed the Zacks Consensus Estimate by 1.2%. Net premiums earned grew 8% to $20.9 billion. The reported figure beat the Zacks Consensus Estimate by 1.5%.
W.R. Berkley Corporation WRB reported first-quarter 2026 operating income of $1.30 per share, which beat the Zacks Consensus Estimate by 15%. The bottom line increased 28.7% year over year.
Total revenues were $ 3.7 billion, up 5% year over year, driven by higher net premiums earned, improved net investment income, higher revenues from non-insurance businesses and increased other income. The top line missed the consensus estimate by 0.28%. W.R. Berkley’s net premiums written were about $3.2 billion, up 1.3% year over year. The figure missed our estimate as well as the Zacks Consensus Estimate of $3.18 billion.
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RLI Q1 Earnings Miss Estimates, Investment Income Increases Y/Y

Selective Insurance Group SIGI reported first-quarter 2026 operating income of $1.69 per share, which missed the Zacks Consensus Estimate by 2.3%. The bottom line decreased 11% year over year.
The company’s quarterly performance reflects significantly higher catastrophe losses and weaker underwriting, partially offset by strong investment income tailwinds.
Behind the Headlines
Operating revenues of $1.4 billion increased 6.4% from the year-ago quarter’s level, driven primarily by higher net premiums earned and net investment income. However, the top line misses the Zacks Consensus Estimate by 0.5%.
Selective Insurance Group, Inc. Price, Consensus and EPS Surprise
On a year-over-year basis, net premiums written ("NPW") decreased 1% to $1.3 billion, due to a decline in standard personal lines and standard commercial lines. The figure was on par with our estimate.
After-tax net investment income increased 18% year over year to $113 million.
Underwriting income of $17 million declined 53% year over year, caused by higher catastrophe losses and an increased loss ratio.
The combined ratio deteriorated 220 basis points year over year to 98.3. The Zacks Consensus Estimate was 98.3, while our estimate was 98.1
Total expenses rose 7% year over year to $1.2 billion, mainly due to loss expenses incurred, corporate expenses and other expenses. The figure was on par with our estimate.
Segmental Results
Standard Commercial Lines’ NPW was down 1% year over year to $992.4 million, due to lower new business. This was below our estimate of $908.4 million.
The combined ratio was 100.2, deteriorating by 380 basis points year over year. The Zacks Consensus Estimate was 99, while our estimate was 98.1.
Standard Personal Lines’ NPW declined 6% year over year to $82.5 million, reflecting reduced new business volume, while underwriting performance improved meaningfully. The average renewal price rose 10.1%, and retention was 78%. The figure was below our estimate of $89.6 million.
The combined ratio was 92.8, improved significantly by 520 basis points. The Zacks Consensus Estimate was pegged at 101, while our estimate was 106.5.
Excess & Surplus Lines’ NPW rose 1% year over year to $150.7 million, driven by average renewal pure price increases of 4.1%. Our estimate was $174 million.
The combined ratio was 89.5, improving 300 basis points year over year. The Zacks Consensus Estimate was pegged at 87.2, while our estimate was 90.1.
Financial Update
Selective Insurance exited the first quarter of 2026 with total assets of $15.3 billion, up 1% from the December-end 2025 level.
Long-term debt remained stable at $901.9 million, while adjusted book value per share rose 2% to $58.94 as of March 31, 2026.
Operating return on common equity in the first quarter was 12%, contracted 14.4% a year ago.
Share Repurchase and Dividend Update
During the first quarter of 2026, the company repurchased shares worth $30 million.
A quarterly cash dividend of 43 cents per common share is payable on June 1, 2026, to its shareholders of record as of May 15.
2026 Guidance
SIGI estimates a GAAP combined ratio of 96.5-97.5.
Selective Insurance estimates after-tax net investment income of $465 million.
SIGI assumes no prior-year casualty reserve development.
The overall effective tax rate is expected to be around 21.5%.
Weighted average shares are estimated to be 60.5 million on a fully diluted basis.
Zacks Rank
SIGI currently has a Zacks Rank #4 (Sell).
Performance of Other Insurers
The Travelers Companies, Inc. TRV reported first-quarter 2026 core income of $7.71 per share, which beat the Zacks Consensus Estimate by 10.5%. The bottom line surged four folds year over year. Travelers’ total revenues remained flat from the year-ago quarter to $11.9 billion. The top-line figure missed the Zacks Consensus Estimate by 3.7%.
Net written premiums increased 2% year over year to a record $10.3 billion, driven by strong growth across Business Insurance and Bond & Specialty Insurance segments. Net investment income rose 8.4% year over year to $1 billion. The figure matched the Zacks Consensus Estimate.
The Progressive Corporation’s PGR first-quarter 2026 earnings per share of $4.96 beat the Zacks Consensus Estimate by 2.5%. The bottom line increased 6.7% year over year.
Operating revenues grew 8.2% year over year to $22.3 billion driven by 8% higher net premiums earned, a 12.7% increase in net investment income, a 3.5% rise in fees and other revenues, and 13.5% higher service revenues. The top line missed the Zacks Consensus Estimate by 1.2%. Net premiums earned grew 8% to $20.9 billion. The reported figure beat the Zacks Consensus Estimate by 1.5%.
W.R. Berkley Corporation WRB reported first-quarter 2026 operating income of $1.30 per share, which beat the Zacks Consensus Estimate by 15%. The bottom line increased 28.7% year over year.
Total revenues were $3.7 billion, up 5% year over year, driven by higher net premiums earned, improved net investment income, higher revenues from non-insurance businesses and increased other income. The top line missed the consensus estimate by 0.28%. W.R. Berkley’s net premiums written were about $3.2 billion, up 1.3% year over year. The figure missed our estimate as well as the Zacks Consensus Estimate of $3.18 billion.
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Periodand min./max. price, $	Price change, %		Volatility, %		Volume, $
Periodand min./max. price, $	PGR	Industry	PGR	Industry	Volume, $
Yesterday 202.0 - 206.2	2.87	1.27	3.45	1.90	332.90M
Week 195.5 - 206.2	5.30	6.09	4.08	2.44	2.11B
Month 192.0 - 208.1	3.08	1.53	5.88	6.16	8.22B
3 Months 192.0 - 215.2	2.10	4.27	11.25	10.55	26.22B
6 Months 192.0 - 237.4	-5.17	15.09	15.32	16.07	56.18B
Year 192.0 - 290.0	-21.03	2.95	23.59	22.59	121.52B
3 years 111.4 - 293.0	51.41	9.43	43.69	50.30	250.23B
5 years 89.4 - 293.0	107.86	22.95	55.53	69.91	335.58B
All time 3.8 - 260.5	2,411.56	6.48	—	—	225.00B

Progressive Corporation (The)

Price and volatility history

Risk ratios