Down a bit less than 6% yesterday. Ajit has conceded how tough a competitor PGR is.

From Barrons: (sub required)

A closer look at the results shows that the big auto insurer’s underlying profits were strong. Its combined ratio—the sum of expenses and claims as a percentage of premiums—came in 86.5% for September, excluding a $950 million so-called policyholder-credit expense for Florida customers, according to the company. The insurer will have to hand that amount back to clients because its profits in the state are expected to have exceeded statutory limits from 2023 through the end of this year.

A combined ratio of 86.5% translates into a healthy underwriting profit margin of 13.5% (100 minus 86.5), considerably above Progressive’s stated goal of 4%. Including the Florida expense, the combined ratio of Progressive’s personal-lines insurance business was 102.5% in September, meaning that part of the business had an underwriting loss. Progressive also earns money from investing premiums it collects.

barrons.com - Progressive stock falls overreaction