Assurant, Inc. (AIZ) vs The Progressive Corporation (PGR)

Assurant, Inc. and The Progressive Corporation are both Insurance Property & Casualty companies. The Progressive Corporation is the larger, with a market value of $117.7B against $12.9B — 9.1× the size. The Progressive Corporation trades at the lower P/E: 10.3× against 12.5×. The Progressive Corporation grew revenue faster over the last twelve months: 10.5% against 9.36%. The Progressive Corporation has the higher net margin (12.8% vs 7.84%) and the higher return on invested capital (23.0% vs 12.6%). Both pay a dividend; The Progressive Corporation yields more (1.71% vs 1.67%). Across the 23 metrics below, The Progressive Corporation leads on 15 and Assurant, Inc. on 8.

Valuation

Metric AIZ PGR Insurance Property & Casualty median
P/E 12.54 10.29 10.29
P/S 0.98 1.32 1.17
P/B 2.15 3.49 1.83
Price to free cash flow 7.93 7.48 7.48
EV/EBITDA 7.98 8.08 7.49
EV/Sales 1.01 1.41 1.13
Earnings yield 7.97% 9.72% 9.50%
Free cash flow yield 12.62% 13.37% 13.29%

Profitability

Metric AIZ PGR Insurance Property & Casualty median
Gross margin 78.12% 17.21% 41.16%
Operating margin 10.70% 17.21% 15.09%
Net margin 7.84% 12.84% 11.51%
Free cash flow margin 12.30% 17.59% 17.59%
Return on equity 18.19% 34.94% 18.19%
Return on assets 2.95% 9.73% 3.74%
Return on invested capital 12.55% 23.03% 12.06%

Growth

Metric AIZ PGR Insurance Property & Casualty median
Revenue growth (TTM) 9.36% 10.49% 8.69%
EPS growth (last fiscal year) 17.08% 33.54% —
Revenue growth, 5-year CAGR 5.95% 15.50% 9.23%
Net income growth, 5-year CAGR 15.43% 14.77% 10.09%

Health

Metric AIZ PGR Insurance Property & Casualty median
Debt to equity 0.36 0.24 0.25
Current ratio 0.37 0.26 0.42
Net debt to EBITDA 0.26 0.44 0.08

Dividend

Metric AIZ PGR Insurance Property & Casualty median
Dividend yield 1.67% 1.71% 2.79%
Payout ratio 0.43 0.14 0.27

Size

Metric AIZ PGR Insurance Property & Casualty median
Market cap 12.92b 117.67b 2.44b

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