Antipodes Partners disclosed a new investment in The Progressive Corporation during the first quarter of 2026. The firm highlighted Progressive's leading position in U.S. personal and commercial auto insurance, its hybrid distribution model, and a history of innovation and underwriting discipline. Progressive reported fourth-quarter net income up 25%, policies in force growing 10% to 38.6 million, and a full-year combined ratio of approximately 88%. Antipodes noted the stock trades at around 11 times forward earnings, presenting an opportunity to own a high-quality compounder.
Progressive CorpAntipodes Partners initiates a new investment position, citing attractive valuation at ~11x forward earnings and strong fundamentals.