The Progressive Corporation PGR reported earnings per share of 40 cents for October 2020, marking a year-over-year decline of 22%. The decline is attributable to higher expenses and net realized loss on securities.Year to date, Progressive’s shares have gained 22.5% against the industry’s 5.4% decline. Numbers in OctoberProgressive recorded net premiums written of $3.8 billion in the month, up 4% from $3.7 billion in the year-ago quarter. Net premiums earned were around $3.9 billion, up 11% from $3.5 billion last May.Net realized loss on securities in the quarter was $440.3 million against an income of $93.6 million in the prior-year quarter.Combined ratio — percentage of premiums paid out as claims and expenses — improved 140 basis points (bps) year over year to 92.6.Total operating revenues were $4.1 billion, improving 10.4% year over year, owing to an 11% increase in premiums, a 24.6% rise in fees and other revenues, and a 13.9% jump in service revenues. However, 22.7% lower investment income was a drag.Total expenses rose 9.7% to $3.7 billion, primarily because of 9% higher losses and loss adjustment expenses, and a 12.4% jump in policy acquisition costs and 9.4% higher other underwriting expenses in August 2020. The company incurred $3 million in policyholder credit expenses in tandem with the plan to issue a credit to personal auto customers, with a policy in force, in response to the reduction in auto accident frequency resulting from COVID-19 restrictions.In October, policies in force were impressive in both Vehicle and Property businesses. In its vehicle business, the Personal Auto segment improved 11% year over year to 21.3 million. Special Lines increased 8% from the year-earlier month to 4.9 million policies.In Progressive’s Personal Auto segment, Agency Auto expanded 9% to 7.6 million, while Direct Auto increased 14% to 8.8 million.Progressive’s Commercial Auto segment rose 8% year over year to 0.8 million. The Property business had 2.4 million policies in force in the reported month, up 13% year over year.The company’s book value per share was $30.20 as of Oct 31, 2020, up 26.5% from $23.87 on Oct 31, 2019.Return on equity in the trailing 12 months was 34.5%, down 100 bps from 35.5% in October 2019. Debt-to-total-capital ratio improved 50 bps year over year to 22.9 as of Oct 31, 2020.Progressive currently carries a Zacks Rank #3 (Hold).Stocks to ConsiderSome better-ranked companies from the same space are Alleghany Y, The Hanover Insurance Group THG and American Financial Group AFG. Alleghany delivered an earnings surprise of 195.85% in the last reported quarter. It sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.The Hanover Insurance Group delivered an earnings surprise of 9.85% in the last reported quarter. It currently sports a Zacks Rank #1.American Financial delivered an earnings surprise of 58.06% in the last reported quarter. It currently carries a Zacks Rank #2 (Buy).More Stock News: This Is Bigger than the iPhone!It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2021.Click here for the 6 trades >>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 Progressive Corporation (PGR): Free Stock Analysis Report The Hanover Insurance Group, Inc. (THG): Free Stock Analysis Report American Financial Group, Inc. (AFG): Free Stock Analysis Report Alleghany Corporation (Y): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research