Progressive Insurance has been in the red since we bought it for the UX Fund. It always confused me since I felt they were doing all the things we believed made a great company. Yesterday they announced a dividend and a share buyback which has increased the stock’s value.
But here was some great evidence as to how they continue to innovate for the customer:
“The company has also completed 54 auto-repair facilities, located in 25 states, which show promise of eventually changing the company’s service reputation and at some point helping to drive the company’s growth as it begins to pass on auto-repair savings to customers.”
Also, double digit growth for Internet sales.