Today's Technical View on Progressive and Allstate: Improving U.S. Economy

  Today's Technical View on Progressive and Allstate: Improving U.S. Economy

PR Newswire

LONDON, February 21, 2013

LONDON, February 21, 2013 /PRNewswire/ --

With the U.S. economy showing significant signs of improvement, increased
private sector hiring, gains in housing and automobile markets, and expansion
of domestic energy production and manufacturing are among the macro-trends
which are likely to instill more confidence in the economy and spur stronger
growth in insurance sales. The outlook for the Property and Casualty Insurance
industry seems optimistic on account of price increases which would translate
into expansion of the underlying margins of major insurers. Superstorm Sandy,
which devastated New York and New Jersey, would increase the demand for
primary commercial insurance and reinsurance, resulting into modest increase
in property reinsurance rates. Being amongst the largest insurers in the U.S.,
The Progressive Corporation (NYSE: PGR) and The Allstate Corporation (NYSE:
ALL) could be direct beneficiaries. StockCall initiated free in-depth
technical analysis on Progressive and The Allstate which are currently
available upon sign up at

Progressive Corporation announces January 2013 results

Progressive Corporation is United States' fourth largest auto insurer and
largest seller of motorcycle and commercial auto insurance. For the month of
January 2013, Progressive reported Net Premiums written of $1.53 billion, Net
Premiums earned of $1.58 billion and Net Income of $134 million or $0.22 per
share, thereby registering net income growth of 81% over January 2012. The
company repurchased 1.6 million shares at an average price of $21.89 per
share, book value per share being $10.21. Sign up for the free technical
analysis on Progressive Corp. at 

Earlier, Progressive Insurance announced a licensing program for intellectual
property related to usage-based car insurance programs. "We have been
developing and refining our industry-leading UBI program for more than 15
years and have been awarded six patents for good reason," said Glenn Renwick,
Progressive's President and CEO.Its current application of usage-based
insurance (UBI) accounts for more than $1 billion in premiums and is available
in 43 states and the District of Columbia.

Allstate announces results of fourth quarter and full year of 2012

Allstate Corporation is the nation's largest publicly held personal lines
insurer, serving about 16 million households with its insurance products of
auto, home, life and retirement. The company reported exceptional overall
business growth for full year of 2012. Consolidated Revenues grew by over 2%
to $33.3 billion and Net Income was $2.31 billion or $4.68 per diluted share,
up by 193% over 2011. Download the free report on The Allstate Corporation by
registering at 

For the fourth quarter, Allstate reported consolidated Revenue of $8.54
billion and Net Income of $394 million or $0.81 per diluted share. The company
announced a quarterly dividend of $0.25 on each outstanding share of the
Corporation's common stock, payable in cash.

Emphasizing its focus on proactive capital management, Steve Shebik, Chief
Financial Officer said, "In 2012 we completed a $1 billion share repurchase
and initiated a $1 billion share repurchase to be funded with hybrid debt to
further optimize our capital structure." He further added, "The Board took
additional actions to improve shareholder value by authorizing an additional
$1 billion repurchase program expected to be completed by March 2014, bringing
total buyback authorization to $2.0 billion. Allstate's book value per diluted
share has increased by 17.2% to $42.39 at year-end 2012."

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