Ok sure but if you’re going to do all this DD and say it’s overvalued you might want to understand some of the basics of the industry.

Combined ratio and policy in force growth are like the basics of the basics

Progressive combined ratio is 96 btw for accuracy same, kinda important

Clearly you cannot comprehend the explanation that has been given to you. You’re dead set on it being a “scam” or some type of scheme.

Go look up the definition for dunning Kruger and you’ll find your answer

Because there is no substance to what you’re saying. You’re saying something is a scam when you have no idea what it actually is. Despite someone trying to explain it to you

Why type so many words just to say “I’m a fucking idiot and don’t have any idea what I’m talking about”.

Pretty clear you have no clue what you’re talking about

PE is a useless way of evaluating insurance companies because they aren’t producing “earnings” the same way other companies are.

PGR gets a premium because their combined ratio and PIF growth are outpacing the entire industry by a lot.

The personal auto unit is no longer driving profitability, the commercial unit is (accounted for almost 50% of total profitability) and its growing like crazy.

This DD is great and all but it lacks the requisite understanding of the insurance industry as a whole.

They have a high multiple because they are the most profitable and fastest growing by a long shot. Well capitalized and the commercial business is insanely profitable.