Progressive (NYSE: PGR ) will release its June earnings report on Thursday, but shareholders haven't waited to start the celebration. With the stock near multi-year highs, investors clearly believe the worst is over for the insurance industry generally, and for Progressive in particular.
Progressive is unusual in that it provides a monthly look at earnings. Lately, the stock has taken a roller-coaster ride, with dramatic moves in both directions resulting from high-profile disasters and improvements in the company's fundamentals. Let's take an early look at what's been happening with Progressive over the past quarter and what we're likely to see in its quarterly report.
Stats on Progressive
| Analyst EPS Estimate 5 Best Insurance Stocks For 2014: Sun Life Financial Inc.(SLF)Sun Life Financial Inc., together with its subsidiaries, provides various life and health insurance, savings, investment management, retirement, and pension products and services to individuals and corporate customers. It offers individual life insurance policies, including individual term life, universal life, critical illness, disability, accident, and accidental death and dismemberment insurance policies; and group life insurance policies. The company also provides individual health insurance, long-term care insurance, group health benefits, dental benefits, and group insurance; and various individual and group annuity, retirement, and investment income products and services, such as mutual and pooled funds, variable and fixed annuities, savings, retirement and pension plans, and education savings. In addition, it offers asset management services for corporate retirement plans, separate accounts, public or government funds, and insurance company assets to institutional clients; and advisory services to individual investors. Further, the company provides run-off reinsurance services. Sun Life Financial Inc. distributes its products through direct sales agents, independent and managing general agents, financial intermediaries, broker-dealers, banks, pension and benefit consultants, and other third-party marketing organizations. The company operates primarily in Bermuda, Canada, China, Hong Kong, India, Indonesia, Ireland, the Philippines, the United States, and the United Kingdom. Sun Life Financial Inc. was founded in 1999 and is based in Toronto, Canada. 5 Best Insurance Stocks For 2014: Genworth Financial Inc (GNW)Genworth Financial, Inc., a financial security company, provides insurance, wealth management, investment, and financial solutions in the United States and internationally. The company offers various insurance and fixed annuity products, including life and long-term care insurance products; payment protection insurance products for consumers primarily to meet specified payment obligations; and wealth management products, such as managed account programs with advisor support and financial planning services. It also provides mortgage insurance products and related services to insure prime-based, individually underwritten residential mortgage loans or flow mortgage insurance; and mortgage insurance on a structured or bulk basis, as well as offers services, analytical tools, and technology that enable lenders to operate and manage risk. In addition, the company provides institutional products consisting of funding agreements, funding agreements backing notes, and guaranteed in vestment contracts. Genworth Financial, Inc. distributes its products and services through financial intermediaries, advisors, independent distributors, affinity groups, and sales specialists. The company was founded in 2003 and is headquartered in Richmond, Virginia. Top Stocks To Own Right Now: MGIC Investment Corp (MTG)MGIC Investment Corporation (MGIC), incorporated June 21, 1984, is a holding company and through wholly owned subsidiaries is a private mortgage insurer in the United States. As of December 31, 2012, its principal mortgage insurance subsidiaries, Mortgage Guaranty Insurance Corporation (MGIC) and MGIC Indemnity Corporation (MIC), were each licensed in all 50 states of the United States, the District of Columbia and Puerto Rico. During the year ending December 31, 2012, the Company wrote new insurance in each of those jurisdictions in MGIC and/or MIC. The Company capitalized MIC to write new insurance in certain jurisdictions where MGIC no longer meets, and is unable to obtain a waiver of, those jurisdictions��minimum capital requirements. Private mortgage insurance covers losses from homeowner defaults on residential mortgage loans, reducing and, in some instances, eliminating the loss to the insured institution if the homeowner defaults.
Mortgage Insurance Primary insurance provides mortgage default protection on individual loans and covers unpaid loan principal, delinquent interest and certain expenses associated with the default and subsequent foreclosure. Primary insurance is written on first mortgage loans secured by owner occupied single-family homes, which are one-to-four family homes and condominiums. Primary insurance is also written on first liens secured by non-owner occupied single-family homes, which are referred to in the home mortgage lending industry as investor loans, and on vacation or second homes. Primary coverage can be used on any type of residential mortgage loan instrument approved by the mortgage insurer. When a borrower refinances a mortgage loan insured by the Company by paying it off in full with the proceeds of a new mortgage that is also insured by it, the insurance on that existing mortgage is cancelled, and insurance on the new mortgage is considered to be new primary insurance written. Therefore, continuation of its coverage fr! om a refinanced loan to a new loan results in both a cancellation of insurance and new insurance written. When a lender and borrower modify a loan rather than replace it with a new one, or enter into a new loan pursuant to a loan modification program, its insurance continues without being cancelled assuming that the Company consent to the modification or new loan. The borrower�� mortgage loan instrument requires the borrower to pay the mortgage insurance premium. There are several payment plans available to the borrower, or lender, as the case may be. Under the monthly premium plan, the borrower or lender pays it a monthly premium payment to provide only one month of coverage. Under the annual premium plan, an annual premium is paid to it in advance, and it earns and recognizes the premium over the next 12 months of coverage, with annual renewal premiums paid in advance thereafter and earned over the subsequent 12 months of coverage. Under the single premium plan, the borrower or lender pays it a single payment covering a specified term exceeding twelve months. Pool insurance is used as an additional credit enhancement for certain secondary market mortgage transactions. Pool insurance covers the excess of the loss on a defaulted mortgage loan which exceeds the claim payment under the primary coverage, if primary insurance is required on that mortgage loan, as well as the total loss on a defaulted mortgage loan which did not require primary insurance. Pool insurance is used as an additional credit enhancement for certain secondary market mortgage transactions. Pool insurance covers the excess of the loss on a defaulted mortgage loan, which exceeds the claim payment under the primary coverage, if primary insurance is required on that mortgage loan, as well as the total loss on a defaulted mortgage loan which did not require primary insurance. In general, the loans insured by it in Wall Street bulk transactions consisted of loans with reduced underwriting documentation; cash out! refinanc! es, which exceed the standard underwriting requirements of the Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) (collectively GSEs); A- loans; subprime loans, and jumbo loans. Other Products and Services The Company has participated in risk sharing arrangements with the GSEs and captive mortgage reinsurance arrangements with subsidiaries of certain mortgage lenders, which reinsure a portion of the risk on loans originated or serviced by the lenders, which have MGIC primary insurance. It provides information regarding captive mortgage reinsurance arrangements to the New York Department of Insurance (known as the New York Department of Financial Services), the Minnesota Department of Commerce and the Department of Housing and Urban Development, (HUD). It performs contract underwriting services for lenders, in which it judges whether the data relating to the borrower and the loan contained in the lender�� mortgage loan application file comply with the lender�� loan underwriting guidelines. It also provides an interface to submit data to the automated underwriting systems of the GSEs, which independently judge the data. These services are provided for loans, which require private mortgage insurance, as well as for loans that do not require private mortgage insurance. It provides mortgage services for the mortgage finance industry, such as portfolio retention and secondary marketing of mortgages. The Company competes with Federal Housing Administration, Veterans Administration, PMI Mortgage Insurance Company, Genworth Mortgage Insurance Corporation, United Guaranty Residential Insurance Company, Radian Guaranty Inc., CMG Mortgage Insurance Company, and Essent Guaranty, Inc. 5 Best Insurance Stocks For 2014: Aflac Incorporated(AFL)Aflac Incorporated, through its subsidiary, American Family Life Assurance Company of Columbus (Aflac), provides supplemental health and life insurance. The company offers various voluntary supplemental insurance products, including cancer plans, general medical indemnity plans, medical/sickness riders, care plans, living benefit life plans, ordinary life insurance plans, and annuities in Japan. It also provides loss-of-income products, such as life and short-term disability plans; and products designed to protect individuals from depletion of assets, which comprise hospital indemnity, fixed-benefit dental, vision care, accident, cancer, critical illness/critical care, and hospital intensive care plans in the United States. The company sells its products through sales associates and brokers, affiliated corporate agencies, independent corporate agencies, and individual agencies. Aflac Incorporated was founded in 1955 and is headquartered in Columbus, Georgia. Advisors' Opinion:
5 Best Insurance Stocks For 2014: ING Groep NV (ING)ING Groep N.V. (ING), incorporated in 1991, is a global financial institution offering banking, investments, life insurance and retirement services to meet the needs of the customers. The Company�� segments include banking and insurance. Banking segment includes retail Netherlands, retail Belgium, ING direct, retail central Europe (CE), retail Asia, commercial banking (excluding real estate), ING real estate and corporate line banking. Insurance segment includes insurance Benelux, insurance central and rest of Europe (CRE), insurance United States (US), Insurance US closed block VA, insurance Asia/Pacific, ING investment management (IM) and corporate line insurance. In February 2011, the Company divested its real estate investment operation ING Real Estate Investment Management (ING REIM) to CB Richard Ellis Group Inc. In June 2011, the Company sold Clarion Partners. In July 2011, ING announced the completion of the sale of Clarion Real Estate Securities. During the year ended December 31, 2011, the Company divested its interests in ING Car Lease and ING IM Philippines. In February 2012, Capital One Financial Corp. acquired ING Direct business in the United States from the Company. In June 2011, ING had completed the sale of its interest in China�� Pacific Antai Life Insurance Company Ltd. In June 2011, ING announced the completion of the sale of real estate investment manager of its United States operations, Clarion Partners, to Clarion Partners management in partnership with Lightyear Capital LLC. In October 2011, ING announced that it had completed the sale of REIM�� Asian and European operations to CBRE Group Inc. In December 2011 ING completed the sale of its Latin American pensions, life insurance and investment management operations. Retail Netherlands Retail Banking reaches its individual customers through Internet banking, telephone, call centers, mailings and branches. Using direct marketing methods, it is a provider of current account services an! d payments systems to provide other financial services, such as savings accounts, mortgage loans, consumer loans, credit card services, investment and insurance products. Mortgages are offered through a tied agents sale force and direct and intermediary channels. ING Bank Netherlands operates through a branch network of approximately 280 branches. It offers a range of commercial banking activities and also life and non-life insurance products. It also sells mortgages through the intermediary channel. Retail Belgium ING Belgium provides banking, insurance (life, non-life) and asset management products and services to meet the needs of individuals, families, companies and institutions through a network of local head offices, 773 branches and direct banking channels (automated branches, home banking services and call centers). ING Belgium also operates a second network, Record Bank, which provides a range of banking products through independent banking agents and credit products through a multitude of channels (agents, brokers, vendors). ING Direct ING Direct offers a range of financial products, such as savings, mortgages, retail investment products, payment accounts and consumer lending products. It operates in Canada, Spain, Australia, France, Italy, Germany, Austria and the United Kingdom. In June 2011, ING Group announced the sale of ING Direct USA to Capital One Financial Corporation. Retail Central Europe Retail Central Europe has a presence in Poland, and Romania and Turkey. ING in Poland is an Internet bank. During 2011, ING Bank Turkey launched the Orange account, the variable savings product. ING in Turkey also launched a mobile phone banking application. ING Bank Romania carried out its Internet banking site, Home��ank. In September 2011, a mobile version of the Home��ank Website was introduced. Retail Asia Retail Banking has a presence in Asian markets of India, China and Thailand. As o! f Decembe! r 31, 2011, the Company had 44% interest in ING Vysya and 30% interest in TMB Bank in Thailand. Bank of Beijing (BoB), in which ING has the largest single interest (16.07%) is a commercial bank in China. ING provides principally risk management and retail banking to BoB. Commercial Banking ING Commercial Banking supports the banking needs of its corporate and institutional clients to invest both retail and commercial bank customer deposits. It is a commercial bank in its home markets in the Benelux, as well as in Germany, Central and Eastern Europe. In addition to the banking services of lending, payments and cash management and treasury, it also provides solutions in other areas, including specialized and trade finance, derivatives, corporate finance, debt and equity capital markets, leasing, factoring and supply chain finance. Payments and Cash Management (PCM) and General Lending are its some of the product lines. Structured Finance (SF) is a specialist commercial lending business, providing loans to support capital intensive investments and working capital. It is managed in three groups: the Energy, Transport and Infrastructure Group; the Specialized Financing Group; and International Trade and Export Finance. Leasing and Factoring (L&F) provides financial and operating leasing services for a range of equipment, as well as receivables financing and other factoring solutions for commercial banking clients. The Financial Markets (FM) is the global business unit that manages ING�� financial markets trading and non-trading activities. FM is managed along three business lines: ALCO manages the interest rates exposures arising from the traditional banking activities, Strategic Trading Platform incorporates the primary proprietary risk taking units, and Clients and Products is the primary customer trading facilitation business line. Real Estate During 2011, Real Estate Finance (REF) maintained its credit portfolio. Real Estate Development (ING RED) and! Real Est! ate Investment Management (ING REIM) has a controlled wind down of activities. Insurance Benelux Duirng 2011, Nationale-Nederlanden introduced bank pension savings products and annuities. ING Life Belgium introduced a new Universal Life product. Nationale-Nederlanden also received a license from the Dutch Central Bank to launch a defined contribution DC company pension product PPI in Europe. NN Services introduced a processing and information technology system (business process management layer) for several legacy lines of retail Life businesses. NN Services IT manages all the closed book business of Nationale-Nederlanden. ING�� life insurance products in the Benelux consist of a range of traditional, unit-linked and variable annuity policies written for both individual and group customers. ING is also a provider of (re-insured) company pension plans in the Netherlands. NG Benelux��non-life products, mainly in the Netherlands, include coverage for both individual and commercial/group clients for fire, motor, disability, transport and third party liability. Nationale-Nederlanden has also a central product manufacturing service for property and casualty insurance, which has developed products for ING Bank in Belgium and ING Bank in the Netherlands. ING offers a range of disability insurance products and complementary services for employers and self-employed professionals (such as dentists and general practitioners). Insurance Central and Rest of Europe Insurance Central and Rest of Europe has life insurance companies in Hungary, Poland, the Czech and Slovak Republics, Romania, Bulgaria, Greece, Spain and Turkey. It has pension funds in Poland, Hungary, the Czech and Slovak Republics, Bulgaria, Romania and in Turkey. ING offers a range of individual endowment, unit linked, term and whole life insurance policies designed to meet specific customer needs. It also has employee benefits products, as well as pension funds, that manage individu! al retire! ment accounts for individuals. The latter comprise both mandatory and voluntary retirement savings. Insurance United States (Excluding US Closed Block Va) ING Insurance US offers retirement services (primarily defined contribution plans), life insurance, fixed annuities, employee benefits, mutual funds, and broker-dealer services in the United States. ING Insurance US operates four businesses: Retirement Plans, Individual Retirement, Individual Life and Employee Benefits. ING Insurance US�� Retirement Plans business is a contribution providers, which offers a range of retirement solutions to all sizes and types of employers, including businesses for-profit ranging from start-ups to large corporations, public and private school systems, higher education institutions, state and local governments, hospitals and healthcare facilities, and not-for-profit organizations. ING Insurance US�� Retirement Plans business is a provider of defined contribution (DC) retirement plans in the United States based on assets under management and administration. Insurance US Closed Block Va ING US Closed Block VA consists of variable annuities issued in the United States that are primarily owned by individuals and were designed to address the demand for tax-advantaged savings, retirement planning, and wealth-protection. These annuity contracts were sold in the United States, primarily through independent third party distributors, including wirehouses and securities firms, independent planners and agents and banks. Insurance Asia/Pacific ING Insurance Asia/Pacific (IAP) is a provider of life insurance products and services. It is a life insurer in the region, with nine life operations in eight markets. IAP has ip operations in Japan and South Korea, operates a nt business in Malaysia, and is well in China, Hong Kong, Macau, India and Thailand. In April 2011, IAP, together with Public Bank Berhad and Public Islamic Bank Berhad, launched a joint ! venture i! n Malaysia, ING PUBLIC Takaful Ehsan Berhad, which will develop Takaful insurance products. In June 2011, IAP completed the sale of its 50% interest in Pacific-Antai Life Insurance Company Limited (PALIC). The business units of IAP offer select types of life insurance, wealth management, and retail products and services. These include annuities, endowment, disability/morbidity insurance, unit linked/universal life, whole e, participating life, group life, accident and health, term life and employee benefits. In Hong Kong non-life insurance products (including medical, motor, fire, marine, personal accident and general liability) are also offered. Insurance Latin America ING completed the sale of its pensions, life insurance and investment management operations on December 29, 2011. These operations were in Chile, Colombia, Mexico, Peru and Uruguay. ING Investment Management ING IM is an investment manager of ING Group with activities in Europe, the Americas, Asia-Pacific and the Middle East. In October 2011, ING IM sold ING IM Australia. ING IM provides a range of actively-managed strategies, investment vehicles and advisory services in all major asset classes and investment styles. It delivers a range of investment strategies and services to ING�� global network of businesses and third-party clients. 
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