消息面上,UBS于上周五发布研报指出,由于定价趋势持续低于损失成本通胀,叠加竞争加剧导致有效保单增速放缓,Progressive的基本损失率(underlying loss ratio)可能继续走高。公司8月基本损失率差于预期,EPS之所以超预期主要依赖有利的准备金调整及较低的巨灾损失,而非核心承保表现改善。此外,商业车险业务在8月出现1900万美元的不利精算准备金调整。UBS维持中性评级及234美元目标价。
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