Total personal auto policies in force exceeded 19.6 million. The Progressive Corporation (NYSE:PGR) reported its total personal auto insurance policies in force were 19,666,500 in May, an increase of 14% from 17,200,000 in May 2022. Agency personal auto insurance policies were 8,423,200, up 10% from May 2022 and direct policies in force were 11,243,300, up […]
U.S. Property/Casualty Industry Posts $8.2 Billion Underwriting Loss in First-Quarter 2023
Net income declined 70.7% to $8.1 billion. The U.S. property/casualty (P/C) industry saw an $8.2 billion net underwriting loss in the first quarter of 2023, compared with a $3.4 billion gain in the same prior-year period, according to preliminary financial results. This financial review is detailed in a new Best’s Special Report, First Look: Three-Month […]
Copart Reports Fiscal Third Quarter Revenue Up Nearly 9%
Copart, Inc. (NASDAQ:CPRT) reported for the three months ended April 30, revenue was $1,021.8 million, an increase in revenue of $81.9 million, or 8.7% from the same period a year ago. Gross profit was $483.4 million, an increase of $47.2 million, or 10.8%, and net income was $350.4 million an increase of $71.8 million, or […]
Progressive Reports Personal Auto Policies in Force Grew 13% in April
Total personal auto policies in force exceeded 19.5 million. The Progressive Corporation (NYSE:PGR) reported its total personal auto insurance policies in force were 19,528,200 in April, an increase of 13% from April 2022. Agency personal auto insurance policies were 8,337,100, up 8% from 2022 and direct policies in force were 11,191,100, up 17% versus April […]
Boyd Group Reports Sales Up Over 28% in First Quarter Compared to Last Year
Same-store sales up over 25%. Boyd Group Services Inc. (TSE:BYD) today announced sales for its first quarter ended March 31 increased by 28.4% to $714.9 million from $556.8 million in the in the first quarter of 2022. The growth included same-store sales increases of 25.2%. The first quarter of 2023 recognized the same number of […]
Universal Technical Institute Reports Revenue of $163.8 Million in Fiscal Second Quarter
Universal Technical Institute, Inc. (NYSE:UTI) reported revenue was $163.8 million with UTI increasing 5.4% versus the prior year period with Concorde Career Colleges, that it acquired last year, contributing $56.3 million for its fiscal 2023 second quarter ended March 31. Net income was $3.5 million, adjusted net income of $6.3 million, and adjusted earnings before […]
GEICO Reports Collision Claim Severity 7-8% Higher in First Quarter Compared to Last Year
Collision frequency was down for the quarter. Berkshire Hathaway reported its first quarter earnings, including details about its GEICO subsidiary, the third largest private passenger auto insurer in the U.S. on May 6. The company reported claims frequencies in the first quarter of 2023 were lower for property damage (five to six percent range) […]
Allstate Reports Loss in First Quarter
Auto insurance written premiums increased over 10%. The Allstate Corporation (NYSE: ALL) total revenue of $13.8 billion in the first quarter of 2023 increased 11.8% compared to the prior year quarter driven by a 10.8% increase in Property-Liability earned premium and net gains on investments and derivatives in the first quarter of 2023 compared to […]
Driven Brands Reports Revenue Up 20% in First Quarter
Paint, collision repair and glass segment same store sales were up 14%. Driven Brands Holdings Inc. (NASDAQ:DRVN) reported revenue of $562.5 million for the first quarter ended April 1, up 20 percent versus the prior year. System-wide sales were $1.5 billion, up 19 percent versus the prior year driven by 9 percent same-store sales growth […]
Uni-Select Reports First Quarter Sales Up Almost 10%
FinishMaster US segment was up 6.7%. Uni-Select Inc. today reported consolidated sales increased by $39.9 million or 9.7% to $449.5 million in the first quarter ended March 31. Excluding the impact of unfavorable fluctuation of the British pound and the Canadian dollar against the US dollar of $21.6 million or 5.3%, consolidated sales increased by […]
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