The Progressive Corporation’s PGR third-quarter 2020 earnings per share of $1.87 beat the Zacks Consensus Estimate of $1.69. Moreover, the bottom line increased 31.7% from the year-ago quarter.Behind the HeadlinesNet premiums written were $11.1 billion in the quarter, up 14% from $9.6 billion a year ago. Net premiums earned grew 11% to nearly $10 billion.Net realized gains on securities were $532.6 million, marking a nearly eight-fold increase year over year.Combined ratio — percentage of premiums paid out as claims and expenses — improved 410 basis points (bps) from the prior-year quarter to 87.8.The Progressive Corporation Price, Consensus and EPS Surprise The Progressive Corporation price-consensus-eps-surprise-chart | The Progressive Corporation QuoteRevenues Rise, Expenses UpOperating revenues, in September, were $3.2 million, up 10.2% year over year. The improvement can be attributed to a 10.8% increase in premiums, 10.7% growth in fees and other revenues and 4.3% rise in service revenues. However, 10.1% lower investment income was a partial offset.Total expenses increased 6.1% year over year to $2.8 billion due to 3.9% rise in losses and loss adjustment expenses, 12.6% higher other underwriting expenses, and 12% jump in policy acquisition costs. Expenses also include $3.1 million in policyholder credit costs.In September, policies in force were impressive at the Personal Auto segment, having improved 12% from the year-ago month to 16.3 million. Special Lines improved 7% to 4.9 million.In Progressive’s Personal Auto segment, Direct Auto grew 14% year over year to 8.8 million while Agency Auto improved 9% to 7.5 million.Progressive’s Commercial Auto segment rose 7% year over year to 0.8 million. The Property business had about 2.4 million policies in force in September, up 13%.Financial UpdateProgressive’s book value per share was $30.04 as of Sep 30, 2020, up 28.9% from $23.31 on Sep 30, 2019.Return-on-equity in September 2020 was 36.7%, up 400 bps year over year. Debt-to-total capital ratio improved 80 bps to 23%.Zacks RankProgressive currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Upcoming ReleasesW.R. Berkley Corporation WRB is set to release third-quarter 2020 earnings on Oct 20. The Zacks Consensus Estimate for the same stands at 79 cents per share.The Travelers Companies TRV is scheduled to release third-quarter 2020 earnings on Oct 20. The Zacks Consensus Estimate for the same stands at $3.02 per share.Cincinnati Financial Corporation CINF is set to release third-quarter 2020 earnings on Oct 26. The Zacks Consensus Estimate for the same stands at 55 cents per share.Have You Seen Zacks’ 2020 Election Stock Report?The upcoming election could be a massive buying opportunity for savvy investors. Trillions of dollars will shift into new market sectors after the election. The question is, which sectors will soar for each candidate? Zacks has put together a new special report to help readers like you target big profits.The 2020 Election Stock Report reveals specific stocks you’ll want to own immediately after the results are announced – 6 if Trump wins, 6 if Biden wins. Past election reports have led investors to gains of +71%, +83%, even +185% in the following months. This year’s picks could be even more lucrative.Check out Zacks’ 2020 Election Stock Report >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Travelers Companies, Inc. (TRV): Free Stock Analysis Report W.R. Berkley Corporation (WRB): Free Stock Analysis Report Cincinnati Financial Corporation (CINF): Free Stock Analysis Report The Progressive Corporation (PGR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research